A planned $15.3 million, 147,000-square-foot speculative industrial building at Northwest Point in Elk Grove Village could be a sign of things to come in the old office park that village officials are priming for a fresh look.
The proposed commercial structure -- with a 32-foot clear building height, 14 exterior docks and two drive-in docks -- is the first to be announced since the village board approved new zoning and design guidelines that rebrands the area as an "innovation and technology center" district.
And village officials have hinted that more new businesses may be on the way early next year amid renewed interest in the village's northern entryway at Arlington Heights Road and the Jane Addams Tollway.
Developed by the village's business development department staff and reviewed by the plan commission, the new designation is aimed at providing greater flexibility in uses and requirements to attract redevelopment to Northwest Point.
In the case of Rosemont-based Bridge Industrial Acquisition LLC's spec building at 150 Northwest Point Blvd., it means the potential for expanded warehousing and distribution next to what is already Elk Grove's massive business park -- at 62 million square feet, the largest in North America.
Village officials say the new zoning district also provides flexibility for new developments and businesses similar to two that have opened in recent years, both of which are visible from the tollway.
Yamazen Inc., a distributor of machining tools, completed its relocation to a newly built 138,000-square-foot headquarters earlier this year, complete with a robotics center, showroom, offices and warehouse space.
Nearby, MC Machinery Systems, a subsidiary of the Mitsubishi Corp., opened its 175,000-square-foot machine tool showroom and main offices in 2017.
Both buildings, featuring large panes of glass windows fronting Interstate 90, are listed in the village's new 19-page design guidelines document as examples of recommended building facades for a rejuvenated Northwest Point.
"The building shall be designed to be symbolic of its role in the village's evolution from an economy based on traditional industry to one based on research, entrepreneurship, innovation and technology," the document states.
Other businesses envisioned for the area include data centers, business accelerators, research and development companies, clean and high-tech manufacturers, and restaurants, according to the new village zoning regulations.
Bridge Industrial Acquisition plans to construct its new spec building on a vacant site it is purchasing from AT&T. There also are plans to buy and tear down two smaller industrial buildings on nearby Bennett Road to make way for a new paved entryway to the site.
Officials haven't announced a tenant, but say they plan to market the property to industrial users. The building will accommodate upward of 50 to 100 employees, and create 100 temporary construction jobs, they said.
The developer last week received the village board's endorsement of a Cook County Class 6b property tax break, which allows the property to be assessed at lower levels over the course of a dozen years.