Rosemont Village Embarks on New Redevelopment Project
By Gabriel Circiog, Associate Editor
Rosemont Village is planning another redevelopment project for the summer that will add to its existing 5,562 hotel rooms. The Daily Herald reports that the Rosemont village board has set up a new tax increment financing district for the zone, located along River and Higgins roads.
The decision intends to aid in the construction of a 155-room Hampton Suites hotel, a five-story, 150,000-square-foot office building that would become the home of the American Academy of Orthopedic Surgeons, and a parking garage with a 600-space capacity. The project is expected to start around July 1.
Rosemont acquired the vacant site, a former golf driving range, for around $8.5 million and intends to make site improvements that will bring the investment of the village to around $12 million, according to Rosemont Mayor Bradley Stephens. The five-acre parcel of land, according to a redevelopment agreement, is conveyed to the hotel and office building developers and includes a $12 million tax incentive funded via TIF revenues to stimulate construction.
The first construction to break ground will be the office building, followed by the parking structure and hotel. The office building is scheduled to be finalized by the end of 2014, while the hotel is due to be complete by the first quarter of 2015.
Back in 2012, Rosemont village inaugurated the MB Financial Park at Rosemont entertainment and restaurant district located on village-owned property. Rosemont invested over $40 million into the 200,000-square-foot development, which includes entertainment, dining and festival space. The village is now recovering $3 million of its investment just by letting MB Financial sponsor the district.
Map of MB Financial Park at Rosemont Courtesy of: www.rosemont.comTags: Development, economy, leasing, operations, Policy, property management, retail