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A New Jersey developer filed a concept plan with the village of Hoffman Estates to redevelop Lakewood Center, the 150-acre former AT&T campus that fell into foreclosure in 2016. The developer, Somerset Development, wants to redevelop the site into a dense mix of uses, the Daily Herald reports.
Somerset, which is in talks to buy the site, wants to build 1.2M SF of offices, 80K SF in conference space, 60K SF in retail, 175 townhouses and a 200-room hotel. Somerset President Ralph Zucker called Lakewood Center "eerily similar" to its 2.7M SF repositioning of a former Bell Labs site in Holmdel, New Jersey. The mix of product types and increased density also draw comparisons to UrbanStreet Group's plan to redevelop Motorola Solutions' Schaumburg campus.
Hoffman Estates officials appear to be fast-tracking Somerset's plan. The village's Planning and Zoning Commission will review the plan at its May 2 meeting. If the commission approves, the development agreement will be reviewed by the Planning, Building and Zoning Committee on May 7 before going to village trustees on May 14.
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