Rosemont mayor: Development will pick up
In one of the toughest economic slumps in history, Rosemont is holding its own, declared Mayor Bradley Stephens, addressing members of the business and hospitality industry Wednesday afternoon during his annual state of the village report at Crowne Plaza.
Stephens touted upcoming projects such as Toby Keith's "I love this bar & grill" planned just south of the Muvico theater along I-294, which will further develop the village's entertainment district.
Keith's $6.5 million signature establishment will locate on village-owned property and is expected to open next summer. The project has generated interest from other potential users for village sites, Stephens said.
It was a tough pill for Rosemont to swallow when the village lost its bid for the state's 10th casino license, which was awarded to Des Plaines.
But, Stephens said, the village has moved on to focusing on improving its entertainment options.
"We gave it our best shot, but it just wasn't meant to be," he said.
Stephens said the village is moving ahead with plans for a 2,500-seat opera house where officials had envisioned a casino, south of the entrance to the Muvico theaters. The village is in talks with concert promoter Live Nation.
That facility is meant to augment the existing Allstate Arena, which holds 19,000 people, and the Rosemont Theatre, which seats 4,200 people. Those venues are doing well, Stephens said.
"Allstate Arena had a record year in 2008 and continues to be a top ticket-selling venue in 2009," he said. "Bookings at the Rosemont theater are picking up."
The arena ranked second in ticket sales among venues for 2009, according to Pollstar Magazine, and placed 12th on the list worldwide.
Signs promoting the long-awaited development of a 550,000-square-foot outlet mall will start appearing soon. Earlier Wednesday, the village board approved erection of temporary signs to announce the project.
The roughly $275 million project would bring about 150 high-end outlet stores to a site abutting the Tri-State Tollway just south of Balmoral Avenue, behind the Rosemont Theatre and the InterContinental Chicago O'Hare Hotel.
Despite new projects on the horizon, Stephens wasn't blind to the plight of Rosemont's hospitality industry. That point hit home when the year-old InterContinental filed for Chapter 11 bankruptcy last month.
"With the economy, they couldn't have picked a worse time to open," Stephens said. But, he added, "the completion of their conference center is helping them with their occupancy rate."