Stream Data Centers has pulled off what previous developers who targeted a suburban Chicago land assemblage could not.
The Dallas-based firm persuaded a critical mass of homeowners in the Roppolo subdivision in unincorporated Elk Grove Village to accept buyout offers of about $950,000 apiece so its massive proposed data center project can move forward, the Daily Herald reported.
Elk Grove Village officials agreed to annex the long unincorporated neighborhood of about 55 homes, bounded by Landmeier Road on the south, Dierking Terrace on the west, Vera Lane on the north, and Richard Lane on the east. While there are still some details being ironed out over which fire protection agency will serve the newly annexed property, it’s a major step forward for Stream’s proposal consisting of buildings four stories tall totaling 2 million square feet.
It would be the largest data center in Elk Grove Village, which has become Illinois’ capital for the real estate projects that provide critical infrastructure for internet services and tech firms.
The subdivision, spanning 36 acres, was previously eyed for redevelopment, including four years ago, when a trucking warehouse developer made buyout offers to the homeowners ranging from $239,500 for vacant land, to $750,000 for homes, the newspaper reported.
Stream’s closings on the property sales are scheduled for this month and next, with some homeowners being allowed to stay for negotiated lease-back periods.
The annexation will only take effect once homeowners have moved out, following the terms of a pre-annexation and development agreement approved by the village board. Stream Data Centers is set to take possession of all single-family homes, except one, by February 12. The final home is expected to be acquired in July next year. Commercial properties on the east side of the site will be vacated by April 2025.
A groundbreaking for the first data center is slated for late 2024, with occupancy projected for early 2026, according to the development schedule.
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The Real Deal Uncategorized, Data Centers, Housing Market, Industrial Market, Suburban Chicago Stream Data Centers has pulled off what previous developers who targeted a suburban Chicago land assemblage could not. The Dallas-based firm persuaded a critical mass of homeowners in the Roppolo subdivision in unincorporated Elk Grove Village to accept buyout offers of about $950,000 apiece so its massive proposed data center project can move forward, the
The post Elk Grove homeowners cash in from Stream Data Centers’ land grab appeared first on The Real Deal.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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