Project Background
The subject property includes the International Plaza shopping center located just east of Arlington Heights Road along the north side of Golf Road. The shopping center consists of a single-story multi-tenant commercial building of approximately 164,000 square feet in size. Additionally, the subject property includes several pieces of Village owned land located to the west of International Plaza, all of which are vacant. The overall site is approximately 17.5 acres and has access to Golf Road (at a signalized main entrance and a secondary access point on Golf Road at the east end of International Plaza), access to Golf Terrace (which has right-in/right-out access to Arlington Heights Road), and the potential for access to Arlington Heights Road at the northwest portion of the site. International Plaza was developed in the mid 1980’s and is included in Tax Increment Financing District #4. The shopping center is in a state of disrepair and is in need of redevelopment.
UrbanStreet Group, a Schaumburg based developer with projects across the Midwest, is proposing demolition of the existing shopping center and redevelopment of the site as a 265-unit multi-family apartment complex plus 37 units of affordable housing, as well as approximately three new commercial outlots fronting along Golf Road. The residential component would occupy 11.40 acres and the commercial outlots would include the remaining 6.16 acres of land for commercial and office uses.
Recommendation
It is recommended that the Village Board evaluate the plans and preliminary information available at this time and provide preliminary feedback regarding the proposed development, specifically the plan to provide affordable housing. The Staff Development Committee is supportive of the development concept, which would accomplish the long-awaited redevelopment of the site, subject to the resolution of certain site related issues.
Staff also supports the developers plan to include affordable housing in partnership with an affordable housing developer, which would include 37 affordable residential units (10 more than required). The provision of 37 onsite affordable units would increase the number of much needed affordable housing within the Village. As part of the preliminary review by the Housing Commission, staff made the following recommendation:
1. Staff recommends proceeding with development of the concept of a separate affordable building within the redevelopment area project for 37 affordable residential units (10 more than required) subject to the perpetuity of required units and other details to be worked out between the Village and the developer.
2. The developer shall submit a full Affordable Housing Plan, containing the items listed in the Inclusionary Housing Guidelines, as part of the developer’s Plan Commission application and appear before the Housing Commission. At which time specific conditions will be drafted for consideration.