Rolling Meadows hopes for better economic news in 2015

Although Rolling Meadows' economy is ending the year on a somewhat negative note, according to a retail consultant working for the city, officials say they are hopeful that 2015 will bring positive development and new businesses to the city.

Mike Mallon, a consultant working for Rolling Meadows for nearly three years, updated the city council this week on the state of economic development in town.

It includes a high vacancy rate and continued stagnation at the long-closed former Dominick's property along Kirchoff Road.

Last year, Rolling Meadows had a vacancy rate of 9.5 percent, which is in line with the Chicago-area average. The city's rate now is up to 13.5 percent, Mallon said.

He attributed that to retailers downsizing and rents going up in many places.

Over his three years working with the city, Mallon said he has made contact with more than 115 retailers to tell them about Rolling Meadows and featured the city at several retail conferences.

But that doesn't always result in new business in town, he said.

"We find that our biggest challenge is not finding the vacancies or retailers, but bringing all the parties together to make the deal," Mallon said.

It wasn't all bad news, though.

Mallon said that through the first half of 2014, retail sales were up 4 percent regionally, bringing an additional $2 billion to the Chicago area, the highest rate since the recession. He said he is optimistic about the upcoming holiday season, as well.

"Unemployment is going down, consumer confidence is going up, so people are going ahead and spending more," Mallon said.

The discussion then turned to a sore spot for Rolling Meadows - the former Dominick's property on Kirchoff Road, which has been empty since 2004. Last year's plans to bring an Uncle Joe's Tuscan Market to the site fell through.

"I'm a very impatient person. I can understand how many people here in this room and in this community might feel you have been patient enough," Mallon said about the large, empty property on the town's main road. "But markets sometimes have a way of taking care of those challenges."

City Manager Barry Krumstok said the there have been conversations with 70 different interested parties about the site, but nothing has been finalized.

"It's never forgotten. It's just taking time," Krumstok said.

Mallon said he is still confident in Clark Street Development, which now owns the property, and in a new plan look for several medium-sized stores instead of one large anchor store for the property.

"I feel positive that you've got the right guys on the team, and the market is going to continue to get better," Mallon said. "I think we'll see some brighter things on that project in 2015."