A partnership involving a suburban home builder and a Maryland insurance company has proposed for Schaumburg a $200 million development to have 2,500 residences and nearly 3 million square feet of offices and retailing.
The partners, Pasquinelli Construction Co. of Homewood and U.S. Federal & Guaranty Insurance Co. of Baltimore, are seeking annexation and zoning for 470 acres of farmland on the four corners of Barrington and Schaumburg Roads in the northwest suburb.
Pasquinelli, U.S. Federal and other partners including Melvin Eisenstein, a Lincolnwood developer, and Jules Lasar, a Chicago attorney, have agreed to pay more than $20 million to buy the land.
The seller of the property, known locally as the Odlum Farm, is Gertrude Odlum, according to Joseph Ash, attorney with Ash, Anos, Freedman & Logan of Chicago. The sale is scheduled to close on March 1.
Tentative development plans for the as-yet unnamed project call for approximately 160 single-family homes, 1,340 condominium manor homes or townhouses and 1,000 rental apartments, said Ash, attorney for the developers. A total of 201 acres will be set aside for office buildings and shopping centers, Ash said.
Schaumburg village planners estimate the nonresidential portions of the project realistically could accommodate about 1.9 million square feet of offices and 1 million square feet of retailing.
”We intend to sell land to various developers who would come in with their own plans for particular parcels . . . with Pasquinelli retaining some of the land” for its own projects, Ash said.
”If we can complete our zoning by the beginning of March, as we hope, development could start this autumn, with first move-ins early next year,” he said, estimating that it could take up to 10 years to complete the project.
Houses will be constructed along the eastern edge of the site, providing a buffer between existing single-family subdivisions to the east and the balance of the development to the west, Ash said.
Condominiums will be built in the northeast and southeast quadrants, rental apartments in the northwest quadrant, office buildings in the southwest quadrant, and shopping centers on all four corners.
When completed, the project will house an estimated 4,859 residents, Ash said.
The developers also estimate that the project will generate for Schaumburg net revenues, after costs of servicing the property, of $854,957, mostly from sales taxes, Ash said.
”The big beneficiaries will be the school districts,” he said.
Elgin Area Unit School District 46 will receive tax revenues of $6.8 million a year, Ash said. Schaumburg Township Elementary School District 54 will receive $1.4 million a year, and Schaumburg Township High School District 211, $1.8 million annually.
Land west of Barrington Road falls in Unit District 46 and the Streamwood Park District, while land east of Barrington is in school Districts 54 and 211 and the Schaumburg Park District.
The developers` choice of suburbs for the project was seen as a coup for Schaumburg, which has competed with Streamwood and Hanover Park for the privilege of annexing the land.
