In 2000, the village purchased 45 acres of land at the northeast corner of Interstate 90 (Northwest Tollway) and Meacham Road. The purchase was made to reserve the last large parcel of property for possible use as a convention center, hotel, and performing arts center. Schaumburg has been working for over 15 years to bring a convention center to the village that would bring new jobs, new visitors, and significant new economic activity.

In July 2004 a groundbreaking was held for the Schaumburg Convention Center and Hotel at Meacham Road and I-90. Soon to be the showpiece of Schaumburg, this new Hotel/Convention Center was opened in 2006. The convention center propels the Village of Schaumburg into a new realm of commerce and tourism. Schaumburg is recognized as a destination of choice for business travelers and convention planners. This mixed-use project incorporates a Convention Center with 100,000 sq. ft of exhibition space and a 500-room hotel. Guests enjoy the highest level of personal service and amenities including a business center, health club, pool and whirlpool/spa, fine dining, and an executive club. The design was under the direction of John Portman & Associates, known for its vision, creativity, and understanding of the human response to space, nature, and light.

As Schaumburg moves into the 21st century, continued expansion is expected albeit at a slower rate than in years past. With a population of 75,386 in 2000, minimal residential growth both in the single-family and multiple-family market is expected as little residential land remains. Industrial development has remained steady throughout the 1990s with activity increasing in 1996 and 1997 during a period of economic boom. The majority of industrial development is expected to occur in the Spectrum Industrial Park, Woodfield Business Center, and Copley Center. Future redevelopment is expected to occur around the proposed Suburban Transit Access Route (STAR line) transit stop, proposed to be located south the Walden International PUD and north of IKEA and Windy Point Office Park along the Northwest Tollway.