CRM PROPERTIES GROUP WITHDRAWS DEVELOPMENT PETITION Financial concerns cited as reason for withdrawal Buffalo Grove, Illinois – After consulting with Village officials, CRM Properties Group, LLC has withdrawn its concept plan review petition for the proposed Buffalo Grove downtown development project. The company notified the Village of its withdrawal decision on Tuesday, December 9, 2014.
In discussions with staff, CRM Properties Group President Charles Malk cited higher costs than initially projected for the proposed plan, and an inability to resolve related financial hurdles. The most recent cost estimates forecasted a significant funding gap; Mr. Malk indicated that without a Village commitment for public financing, the project would not be financially feasible. The nature and magnitude of the newly requested financial contributions were neither expected nor contemplated by the Village.
Village President Jeff Braiman stated, “The Village has reviewed the latest financial parameters, and while we appreciate Mr. Malk’s interest in Buffalo Grove and the time he and his team took to explore such a large investment in our community, the current concept does not make financial sense for Buffalo Grove. As I have said from the beginning, this would be a long and important process with a number of decision points along the way. I want to thank all of those who participated.”
In August of 2012, CRM Properties Group approached the Village and submitted a development concept which included utilizing portions of the Buffalo Grove Golf Course and municipal campus to create a 65-acre downtown area along Lake Cook Road. The initial concept was abandoned after a floodplain and soil suitability study was completed by the Village in September of 2014. The study revealed that the original concept could not be built as proposed. CRM then presented a revised preliminary concept plan which was assigned to the Village’s Planning and Zoning Commission for review in November of 2014.
Village Manager Dane Bragg said he anticipates the Village will evaluate future options and engage the community in a broader dialogue about economic development around the Lake Cook Road corridor. “We should take stock of where we are as a community, what goals we want to accomplish and the means necessary to get us there. Economic development is a complex endeavor, and one that needs broad engagement from all stakeholders, because everyone is impacted.”
Downtown Development Assigned to Planning and Zoning Commission for Referral
At the November 3, 2014 Village Board meeting, the proposed downtown project was assigned to the Planning and Zoning Commission for referral. For more information regarding the assignment of the plan, as well as, public information guidelines and a workshop schedule, click here.
If you have any further questions regarding the downtown project, contact us as email@example.com.
Proposal CRM Properties Group has submitted a petition for revised preliminary concept review of the proposed downtown project, covering a project site of the existing Buffalo Grove Golf Course property and the municipal campus property (Village Hall, Public Service Center and Police Department.) The contents of the developer’s petition and supporting documents are linked below.
September 2014 Floodplain Study
The Village of Buffalo Grove engaged Christopher B. Burke Engineers to complete a floodplain and soil suitability study for the existing Buffalo Grove Golf Club and Village Campus properties, which total approximately 125 acres.
The results of the floodplain and soil suitability study can be found below. The study contains several sections, each may be downloaded separately.
The developer originally proposed in August 2012 to acquire parts of the Buffalo Grove Golf Club and Village Campus properties to develop an approximate 65-acre mixed use development containing a new municipal campus, retail stores, upper-story residences, condominium towers, high-quality public gathering places, cultural amenities, and ancillary site improvements.
State of Development Agreement
At this time, there is no development agreement, no land use approvals, and no accepted financials for the proposed project.