Nicholas Family of Companies Celebrates Construction Milestone at Elk Grove Ice Arena

Nicholas & Associates Marks Milestone at Elk Grove Ice Arena
CRE Market Beat Take
A third ice arena project in just over a year underscores how scaled, specialized operators can deepen exposure in niche recreational assets without relying on disclosed capital markets activity. For lenders and equity, the growing portfolio suggests an operating platform play rather than a one-off development risk.

Nicholas Family of Companies has reached a key milestone in the development of the Elk Grove Ice Arena, a new indoor ice facility in Elk Grove Village, Illinois, approximately 25 miles northwest of Chicago. The project is advancing from structural work into interior buildout, marking a visible next phase in the arena’s construction timeline.

To recognize this point in the schedule, the project team held an event at the site to sign a support column within the new complex. The column-signing celebrated the start of interior work and highlighted the progress achieved since construction began last August. The two-rink facility is planned to encompass 86,261 square feet, providing substantial ice surface and supporting space for both local and regional users.

The Elk Grove Ice Arena is part of a broader push by Nicholas Family of Companies into the ice sports and recreation sector in the Chicago area. The development is the firm’s third ice arena project in the region in just over a year, following its ground-up Rosemont Ice Arena and its acquisition of Glacier Ice Arena. Together, these assets underscore the company’s growing presence in specialized sports facilities tied to ice programming.

As with the other ice venues owned and developed by Nicholas Family of Companies, the Elk Grove Ice Arena will be operated by the company’s in-house sports and recreation division, Spectate Group. Centralizing operations under Spectate Group allows the firm to apply a consistent platform across multiple locations, aligning programming, facility management, and customer experience across its ice arena portfolio.

The project design is being led by architectural firm ARCON Associates. Plans for the Elk Grove Ice Arena call for eight general team locker rooms, along with eight dedicated locker rooms for Chicago Mission teams. This locker room program is intended to support both broad community use and specific team needs within the same building footprint.

The ongoing construction activity at Elk Grove Ice Arena, along with the recently completed and acquired venues in the Chicago area, reflects a continued build-out of ice-focused sports infrastructure by Nicholas Family of Companies. While detailed financial terms for the project have not been disclosed, the scale of the facility and the company’s multi-asset strategy position the arena as a notable addition to the region’s recreational and competitive ice offerings.

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