UrbanStreet Gets OK for More Residential in Chicago Suburbs

UrbanStreet Group got the greenlight to develop over 300 residential units and 55,000 square feet of retail at the former Motorola campus in Schaumburg.

The local developer will construct the mixed-use project as the first component of The District at Veridian, a $185 million redevelopment spanning 30 acres at the southwest corner of Algonquin and Meacham roads, the Daily Herald reported.

UrbanStreet Group, co-founded by Robert Burk and Robert Kuker, received approval from Schaumburg trustees this week. The nine-story building will feature 321 apartments, with 55,00 square feet of retail and restaurant space on the ground level. A five-story parking garage will be built alongside the structure.

The first phase includes the apartment building, parking deck and a 26,000-square-foot grocery store. These elements are expected to be completed by early 2027. The completed development will feature 269,000 square feet of commercial space, 608,000 square feet of residential and nearly 4 acres of open land.

Texas-based home builder D.R. Horton also received approval for 66 more rowhomes across 14 buildings within Veridian. The builder already has 260 rowhomes under construction at the development.

Market demand drove Urban Street to expand the development’s residential offerings, and there is less interest in office space now compared to initial projections for the site, said Bob Burk, UrbanStreet’s managing partner.

The District at Veridian is being supported by $47 million in tax increment financing. The funding will be drawn from an existing TIF district along Algonquin Road, adding to the $31.7 million the village previously allocated to UrbanStreet for earlier phases of the project.

The larger Veridian development already includes Northgate at Veridian townhomes, the Element at Veridian apartments, Topgolf, The Boler Company’s headquarters and a 12-acre park.

Unlike typical suburban projects, the Veridian’s design permits taller buildings, has no set height limit and includes provisions for secondary structures under two stories, limited to 20 percent of each phase.

— Andrew Terrell