Indoor karting, arcade location to anchor initial phase of Schaumburg enjoyment district

The very first Midwest location of Orlando-dependent Andretti Indoor Karting & Game titles is proposed to anchor the initially section of a new amusement district in Schaumburg on the west aspect of the village’s Renaissance Resort and convention middle.

Other factors would include things like a further amusement location, a cafe and a 900-area parking deck with an elevated walkway connecting it to the Renaissance on house very long reserved for a carrying out arts middle.

Schaumburg officials are closing in on an agreement endorsed by the village’s common govt committee Monday to fork out Oak Brook-primarily based Kensington Growth Partners $23.7 million to establish the initial 8-acre period of what’s envisioned to in the long run be a 23-acre leisure district on the east side of Meacham Street north of the I-90 tollway.

Andretti Karting would spend the village $6 million for a development-completely ready web-site in which it plans to invest another $30 million in an 80,000-sq.-foot facility. The developing would incorporate a multilevel karting track, arcade, two-degree laser tag arena, bowling, digital fact points of interest, a total cafe and bar and 10,000 sq. ft of party house.

The organization has areas in Florida, Georgia and Texas.

The pending agreement with Kensington would give it a two-12 months option to completely marketplace and invest in the remaining two parcels in the enjoyment district’s initially section. Officials feel the Andretti facility will generate fascination in those people web sites.

“We want an icebreaker, and I consider this is the icebreaker for that location more than there,” Schaumburg Trustee Frank Kozak explained of the Andretti Karting venue Monday.

&#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13
        &#13

 

Building of the parking garage is estimated at $17.9 million, while the further value of the pedestrian bridge to the Renaissance foyer has but to be determined.

The village’s consultants at SB Friedman Growth Advisors projected that Andretti Karting could contribute $12.5 million to the tax-increment financing district serving to fund community enhancements related with the redevelopment on each sides of Meacham Road alongside Algonquin Highway.

The parking garage, for case in point, will be funded fully by the TIF district that reserves an increment of its properties’ annual serious estate taxes for these types of enhancements.

The Andretti Karting facility is also believed to create about $955,000 for every 12 months in client taxes for the village, centered on an expectation of $16 million in yearly revenue.

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        

 

Company associates said a million guests a 12 months are projected for the place.

Options for phase one particular of the enjoyment district will not deal with the north side of Thoreau Push, wherever the village expects to demolish the single-tale, 110,000-square-foot Woodfield Green Government Centre in the fall.

“You can find huge option to do added phases in this article,” Schaumburg Economic Development Director Matt Frank stated.

That contains a achievable relocation of the performing arts center extended envisioned as section of the convention center campus, he stated.

The total village board will vote on the agreement with Kensington upcoming Tuesday.