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Plans for a Florida company’s first entertainment and go-kart center in the Midwest are on track.
Karting Indoor Andretti
The existing site is a 110,000-square-foot single-story complex that will be demolished. Andretti’s assignment is the first component of an 8-acre phase of a planned entertainment district that would span a total of 23 acres, extending north of the conference center and hotel. , and would come with another entertainment venue, restaurant and 900-space parking lot with an expanded terrace. Walkway that would connect you to the Renaissance Hotel in a space reserved for a performing arts center.
The expansion of Schaumburg’s entertainment features in the village comes as pandemic-induced flight to the suburbs continues, with multi-family developers doing the same to mitigate the low vacuum rate. The Arlington Heights-Schaumburg domain specifically experienced traditionally low vacuum rates, according to a third-quarter report from Marcus
The village will use a tax-raising investment district to fund public innovations in the domain, as well as the planned $18 million parking structure. The Andretti Center is expected to generate $12. 5 million in asset taxes.
The sale of the land is subject to approval through Schaumburg’s trustees, who will vote on the acquisition and sale agreement on Jan. 10. The agreement has already gone through the people’s finance committee.
Andretti already has in Florida, Georgia and Texas.
–Rachel Herzog
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