Kensington Development Partners and its partner Urban Street Group recently broke ground on The Clove, a mixed-use residential project in Illinois. Not so long ago, the Town Center at Buffalo Grove was demolished to make way for this $150 million project. Therefore, the former 22-acre shopping site is now being transformed into an entertainment hub that will also include an anchor grocer.
At the ceremony, Village President, Beverly Sussman, spoke favorably about The Clove project, situated at McHenry Road near Lake-Cook Road. She described it as Buffalo Grove’s largest redevelopment project in recent times. Sussman also reminisced about the Town Center which had occupied the site previously. She said although the shopping complex had served its purpose, there wasn’t any greater vision of it being a community center.
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Development plans for The Clove project
John Schoditsch, a principal at Kensington, also gave details on some of the future developments expected at The Clove. The mixed-use project will feature a 295-unit seven-story building with a mix of high-end apartments and ground-floor shops. In addition, the building will house several new restaurants like Chick-fil-A and Guzman y Gomez.
This also includes holdovers from the era of the Town Center, such as Giordano’s. Other additional amenities include a 0.85-acre park and a 35,000-square-foot remodeled shopping center north of Old Checker Road. Meanwhile, the retail commercial components at The Clove will be spread across multiple buildings and occupy 78,000 square feet in total.
Bob Kuker, Urban Street’s managing partner, thanked all parties involved in The Clove project. Therefore, his remarks were addressed to village officials, village staff, the village board, and several departments. These included the building, zoning, and fire departments. Kuker also mentioned that Buffalo Groves was one of the best municipalities that they had ever worked with.
Village Manager Dane Bragg said the $150 million public-private investment in The Clove would improve the community’s quality of life. He said the impact would be felt by current residents, as well as the new generation of individuals moving there.
Reported earlier
Aug 2022
Buffalo Grove’s Clove project implementation in Illinois set to begin
The execution of Buffalo Grove’s Clove project in Illinois is set to begin. This is after the developer, Kensington Development Partners, closed the sale on the project’s site. The site is a 22-acre property, formerly known as the Grove Town Center. It is located along Lake Cook Road and Route 83.
Initially, the US$ 150M mixed-use development was set to be completed in two phases. However, the developer decided to fast-track the development process. As a result, the project was planned to be delivered in a single phase.
Implementation of the project
Early site work on the Buffalo Grove’s Clove project will soon commence, starting with the installation of construction fencing around the site. Further plans laid out for the project include building about 78,000 square feet of new retail commercial space in multiple buildings.
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In addition, the project will also feature a small park and a 297-unit luxury apartment building. The residential building will include a retail component on the first floor and a refurbished 35,000-square-foot shopping center.
Kensington is working alongside its development partner, Urban Street on the project and the demolition will occur by August end. The developers expect construction on Buffalo Grove’s Clove project to be completed in the next 2 or 3 years. For the duration of this construction, businesses in the Town Center will be relocated to the northern part of the property.
Funding for the Buffalo Grove’s Clove project
Buffalo Grove’s Clove project will benefit from $22.75 million worth of Tax Increment Financing(TIF) funding. As long as Kensington keeps to the redevelopment agreement, which it made with the Village of Buffalo Grove. Under the agreement terms, the developer must secure the funding and leases needed to build the entire site by June 2026.
Furthermore, up to 90% of the project must be completed no later than June 30, 2026. In the event of Kensington failing to comply, a pro-rata reduction will be applied to the village’s payments. There will also be a 10% reduction in the payments if the grocer tenant space is unoccupied for over 18 months.
