IKEA hopes to begin construction of the 310,000-sf store this fall, with an opening expected in fall 2005. A company spokesperson declined to reveal the cost of the project or potential sales tax revenue. However, the company's Schaumburg store carries a market value of nearly $30 million, according to the Cook County assessor's office, and municipalities across the US typically look for sales tax paydays in the neighborhood of $1 million. Although the purchase price was not disclosed, CB Richard Ellis has a 20-acre site on the market about a mile west on Boughton Road with an asking price of $4.4 million.
The IKEA store will be built across Boughton Road from a Meijer's store. The site allows room for 1,300 parking spaces for a big-box store about 25% smaller than IKEA's well-received Schaumburg location, which opened in 1998. The success of IKEA's Schaumburg store, located along Route 53 and the Northwest Tollway, prompted the retailer's quest for another location in the market.
"We have been looking quite a while for the right location and we are confident that IKEA Bolingbrook will accommodate potential customers, particularly those from the southwest suburbs who have been tempted to shop in Schaumburg, but have not done so," says IKEA real estate director Pat Smith.
IKEA struck out in attempts to build on the city's Northwest and Near South sides. IKEA's choice, still subject to village board approval next week, was expected among south and southwest suburban officials, some of them still hopeful of landing the Euro-style furniture store's third location in the market. However, IKEA's current plans include planned openings in 11 other locations.
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