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A New Jersey developer has spelled out its plan to convert a vacant suburban corporate campus into a self-contained “city” of stores, restaurants, homes, entertainment, hotel rooms and a variety of office uses covering 150 acres along the Jane Addams Tollway. The “Big Empties” bill, sponsored by Democratic state Rep. Fred Crespo of Hoffman Estates, is under consideration by a state House committee and could provide incentives for redevelopment of these large, vacant buildings.

 

http://www.dailyherald.com/business/20180425/how-a-developer-plans-to-turn-old-att-campus-in-hoffman-estates-into-self-contained-city

Daily Herald, April 25, 2018

 

Summary:

A New Jersey developer has spelled out its plan to convert a vacant suburban corporate campus into a self-contained “city” of stores, restaurants, homes, entertainment, hotel rooms and a variety of office uses covering 150 acres along the Jane Addams Tollway.

 

Two buildings on the former AT&T campus in Hoffman Estates would house 1.2 million square feet of offices, 60,000 square feet of retail shops and 80,000 square feet of conference space, while new construction would add 375 apartments, 175 townhouses and a 200-room hotel, according to the concept plan by Somerset Development.

 

Ken Gold, vice president of acquisitions and development for Somerset, said the company has not requested tax incentives, though all possibilities remain under consideration.

One possible source of help to the developer is the “Big Empties” bill under consideration by a state House committee. It would provide incentives for redevelopment of large vacant buildings, said Democratic state Rep. Fred Crespo of Hoffman Estates.

Among the possible incentives are an income tax credit equal to 25 percent of a developer’s investment, a tax exemption on the purchase of computer software for a project, and an abatement of up to half of a site’s property tax, Crespo said. While a local government like District 220 might not be a fan of giving up half the property tax revenue, Crespo said the former AT&T campus has already lost so much value that such a deal could still benefit the school district.

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