Schaumburg officials are considering a developer's plan to tear down the Discovery Office Park across from the former Motorola Solutions campus and replace it with a four-story, 373-unit apartment building.
Houston-based Finger Development Company is asking the village to rezone the 10.6-acre property at 1014 E. Algonquin Road to allow for construction of a 443,734-square-foot apartment building and 802-space parking garage.
If approved by village trustees, The Algonquin at Old Plum Grove would add to a growing stock of new multifamily housing developments on the north side of the village.
In 2017, North 680, a 180-unit apartment building approved by the village two years earlier, opened along the north side of Algonquin Road, just west of the now-vacant Discovery Office Park. It was the first new apartment complex authorized by the village in about three decades.
And in September, village trustees approved plans for a four-story, 260-unit apartment building called Element at Veridian on the former Motorola campus. It's expected to be complete next spring.
According to village documents, Finger Development conducted a market study showing there is enough demand in the area to absorb the additional apartments. The study notes that the North 680 apartments has a vacancy rate under 3%, with monthly rents averaging $1,908.
The plan for The Algonquin at Old Plum Grove calls for 275 one-bedroom units and 98 two-bedroom units, ranging in size from about 688 square feet to 1,236 square feet. Balconies with decorative aluminum railings and ground level patios are included.
Village documents do not indicate the monthly rent anticipated by Finger Development, which also owns the Treehouse of Schaumburg apartments just east across Old Plum Grove Road.
The main entrance to the development would be off Old Plum Grove, while a right-in/right-out access point would be off Algonquin Road at the south entrance to the parking deck.
Planned amenities include three outdoor swimming pools, a sand volleyball court, walkways and a playground in the courtyard areas, and an outdoor dog park at the northwest corner of the building. Storage rooms, bicycle storage and a dog grooming room are planned on the basement level of the garage.
Because a majority of the apartments are one-bedroom units intended for singles or couples with no children at home, the developer expects no more than 12 school-aged children living in the building. The property sits in Palatine Township Elementary District 15 and Palatine Schaumburg High School District 211.
Along with rezoning the property from business to residential, the developer is seeking the OK for a building height of a little more than 53 feet. Current zoning limits building height to 35 feet on that land.
Village staff members have recommended approval of the proposal, which was before the zoning board of appeals last week. The next village board meeting is June 11.
If approved, the developer hopes to begin construction this year, with the first residents moving in by fall 2020.