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Bell Works Metroburb Coming to Former AT&T Campus on Central Rd East of Barrington Rd, Hoffman Estates

Wed March 27 2019 7:21 pm  https://www.arlingtoncardinal.com/?p=575708
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The former AT&T campus located just north of Interstate 90 along Central Road and east of Barrington Road may soon be a “metroburb” — a word and concept coined by Bell Works, where the reimagining of the historic former Bell Labs building in Holmdel, N.J. has transformed into a one-of-a-kind destination for business and culture, complete with a blossoming ecosystem of technology, traditional offices, retail, dining, hospitality.

The word “metroburb” was coined to describe Bell Works vision for a self-contained metropolis in a livable and accessible suburban location. With everything you could find in a great downtown — from office space and retail to art and culture — a Metroburb is a microcosm of innovation, possibility, and inspiration.

New Jersey-based Somerset Development plans to replicate the success of the Bell Works “metroburb.”

Somerset Development has closed on its purchase of the former 150-acre AT&T campus in Hoffman Estates. AT&T completed move out in 2016. The new planned self-contained community, will also be named Bell Works, and will include multifamily housing, businesses and entertainment venues. Unlike the original Bell Works in Holmdel, New Jersey; no single family homes are planned in Hoffman Estates.

Hoffman Estates officials approved a detailed redevelopment plan for the future Bell Works site in January 2019, including a 90-day extension for the developer to complete its purchase of the land before the conditional rezoning granted last summer expired.

Somerset officials have told Hoffman Estates officials that an estimated $116 million redevelopment would occur within the 1.6 million square feet of office space already on the campus. However, housing will require new buildings, and a possible hotel would require a new building.

The Hoffman Estates village board has approved a tax increment financing (TIF) district as an economic incentive for the commercial part of the development alone.

A TIF district freezes the amount of property taxes local governments receive at the tax level of the first year. As property values increase, additional taxes go to a fund to pay for public improvements. TIF districts expire after 23 years or when all public improvements are paid, whichever comes first. All obligations must be paid off and the TIF District ends.

Somerset plans to sell some of the land to another developer, where the other developer will build 380 multifamily residential units and 170 townhouses. The Village of Hoffman Estates has limited the total number of multifamily residential units to 550, but the configuration of townhome buildings or multi-family units can only vary by 8 percent.

Somerset is expected to apply for interior demolition at the office buildings, analyze the structures, and report to Hoffman Estates officials with updated information about new internal designs and construction.

The Bell Works Hoffman Estates project is expected to take five to seven years to finish, depending on market conditions.

See also …
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