Schaumburg's mixed-use Veridian project breaks ground
A mixed-use retail destination is on its way to the site of the former Motorola headquarters outside of Chicago.
Full-service real estate firm UrbanStreet Group has announced the groundbreaking of the Veridian master-planned community’s retail district, a 30-acre "urban-inspired" destination that will bring new shopping, dining and entertainment experiences to Schaumburg, Ill., a northwestern suburb of the Windy City.
The first phase of the retail district at Veridian will deliver 100,000 sq. ft. of retail and restaurants, anchored by a 26,000-sq.-ft. The Fresh Market grocery store, along with 321 modern apartments. At full build-out, UrbanStreet says the district will include more than 200,000 sq. ft, of retail and restaurant space and over 600 residential units, adding to the 225-acre site already home to TopGolf.
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“This groundbreaking marks a major milestone in our vision to transform this former Motorola campus into a thriving community centerpiece for the Village of Schaumburg,” said Bob Burk, managing partner of UrbanStreet Group. “Modern residences, energizing workspaces and curated retail come together within a walkable, urban-inspired design that’s unlike anything else in Chicago’s suburbs. Whether you’re looking for a place to call home, an office that sparks creativity, or a local spot to shop and connect, Veridian will have something for everyone.”
In 2015, Motorola announced it would relocate its headquarters to downtown Chicago, leaving behind its 225-acre Schaumburg campus. The following year, UrbanStreet Group acquired the property and began planning a comprehensive redevelopment.
In 2018, the Village of Schaumburg approved a new zoning ordinance, clearing the way for Veridian’s master plan. By spring 2023, village officials approved the framework for Veridian’s downtown retail district.
“Schaumburg has long been a hub for business and innovation, and the momentum at Veridian is reinvigorating one of the most iconic sites in our village. This groundbreaking is an important step forward in making Schaumburg an even more dynamic place to live, work and play,” said Tom Dailly, mayor of Schaumburg. “We appreciate UrbanStreet’s vision and partnership, and believe continued growth at Veridian will inspire greater investment and opportunities in Schaumburg.”
Chicago-based UrbanStreet Group has a portfolio of more than 70 commercial and residential properties.
