Town Square

Background 

Town Square is located at the southwest corner of Schaumburg and Roselle Roads, within the Olde Schaumburg Centre (OSC) Historic District. Town Square is a prime destination in Schaumburg for shopping, dining, and cultural attractions. Serving as the Village's "downtown", Town Square features tenants such as Bonefish Grill, Oberweis Dairy, GNC, Scottrade, and Menchie's.  Walker Brothers Pancake House will also be joining the long list of tenants when it opens later in 2016. 

Town Square  is also home to the second largest public library in the State of Illinois: The Schaumburg Township District Library. The library, along with the Trickster Art Gallery, are regional destinations for cultural programs and resources, which amounts to over 1 million visitors per year.


Development Updates 

Vacant Dominick's Site

Since the Dominick’s grocery store closed in December 2013, the Village of Schaumburg has been actively working to promote redevelopment of the site. Although Tony’s Finer Foods previously announced plans to open a store in late 2016, at the present time, there are no firm plans or timeline for a new store opening due to a lease extension maintained by Albertsons, the parent company of Jewel-Osco and Dominick's.  

Tony’s Finer Foods bought the property in 2015 with the intention of opening a store when the Dominick’s lease expired at the end of May 2016. But, just before Tony’s completed the purchase, company representatives learned that Albertsons exercised an extension of the long-term lease on the site. 

Although Tony’s completed the purchase, the property remains subject to the terms of Albertsons’ lease and is currently controlled by Albertsons/Jewel-Osco. The village understands the lease extension will run through May 2021. While Albertsons has recently informed the village they would like to work with Tony’s to cancel the lease, their actions have already delayed Tony’s from opening for one year, maybe more. It remains unclear how the lost year of progress will ultimately impact Tony’s ability to move forward in Schaumburg. 

The village is committed to working with Albertsons/Jewel-Osco and Tony’s to reach a final resolution as quickly as possible. The empty storefront has a big impact on our community and nearby businesses. The planned opening of a Tony’s Finer Foods would have brought 200 permanent jobs to the community and $5 million invested in redevelopment.

Timeline of Events

Mid-2015

  • Tony’s Finer Foods bought the property with the intention of opening a store. But just before they closed on the purchase, they learned that Albertsons, the parent company of Jewel, has a long-term lease on the site with options for extension.
  • Tony’s went ahead with the purchase, but the property is subject to the terms of the Jewel/Albertsons lease. And in fact, around the same time Jewel decided to extend the lease, all which prevented Tony’s from immediately moving forward with plans to open a new store in that location. The original lease term would have expired at the end of the month, but Albertsons/Jewel has extended it through 2021, which is obviously a very long time.  They have additional options to extend it out many more years.

Late-2015/Early-2016 

  • Jewel/Albertsons said they were exploring the possibility of opening a store at that location.

April, 2016

  • Jewel/Albertsons informed the village that they are not planning to open a store in Town Square, and they would like to work with Tony’s to cancel the lease. Tony’s is now saying that given the delays, they committed to opening new stores in  several other locations in 2016, and they cannot plan another store opening for this year. 

August, 2017

  • The village continues to work with Tony’s Finer Foods to determine a timeline for when they might be able to open a store in Town Square.  At this time, no new timeline for a store opening has been identified, however, village officials continue to work with both parties so that a grocery store can be opened at the site.

Restaurant Site

Located at 40 S. Roselle is a 1.7 acre site that is currently being marketed for sale, preferably to a future restaurant user. The site is adjacent to an amphitheater and overlooks the water walk path. The land is zoned General Business (B-2) and features Walker Brothers Pancake House, Bonefish Grill, Oberweis Dairy, and the Schaumburg Township District library as neighboring tenants.  Monument signage at the signalized entrances of Roselle and Schaumburg Roads is included with the purchase of the property.

 

For more information, please download the brochure, or contact Noel Escalona at (847) 460-0096. 


Pleasant Square

Adjacent to the Town Square commercial area is the new Pleasant Square development, which is located on the northwest corner of Schaumburg and Roselle roads. Pleasant Square is a residential development that, when completed in 2017, will be comprised of 99 row homes, 8 town homes, and 10 single family houses. To date, nearly two-thirds of the units have already been sold.

The total cost of the development is $13 million which is estimated to contribute over $1 million in real estate taxes. For more information on Pleasant Square, as well as housing information, please visit the Pleasant Square website


If you have any questions, please contact Matt Frank, Assistant Director of Community Development/Economic Development Manager, at 847.923.3853, or Kevin Leighty, Management Analyst, at 847.923.3871.