Rosemont gets back its village hall building from developer

Rosemont is taking back ownership of the eight-story office building that doubles as its village hall, though officials still plan to move their municipal offices to a different building that’s now undergoing renovations.

The village inked a $3.8 million sale of the building at 9501 W. Devon Ave. to Northfield-based Saxony Properties two years ago, but Mayor Brad Stephens said the new owner wasn’t able to find suitable users for the office space.

Village government offices, including the public safety department headquarters, have been able to stay there rent free while upgrades are made to a four-story, 121,000-square-foot building at 9501 Technology Blvd. for the new village hall.

Village officials had a June 2024 deadline to vacate the Devon building, which they’ve called home since the 1980s. But Saxony is now selling the property back to the village.

Under the deal, the village will keep $600,000 the developer put down in equity at closing, while a $3.2 million note that was to help fund the purchase will be canceled.

Saxony also will pay the village $50,000 and for other miscellaneous expenses - money that will help pay for real estate taxes due on the commercial property.

It’s still the village’s intention to return the site to the property tax rolls permanently; Stephens said there are a couple interested developers or potential users for the building, which is across the street from Rivers Casino in Des Plaines.

The new village hall - a former Cisco Systems regional headquarters next to the Fashion Outlets of Chicago - is undergoing $26.5 million in renovations. Village officials purchased the building for $13 million in 2022, after deciding it was cheaper than building from scratch nearby at The Pearl mixed-use district.

Initial move-ins for village offices are scheduled for spring, while other tenants who have leased office space from the village on Devon are set to move over by July.

The latest closing between the village and Saxony will be before the end of the year.