Rosemont outlet mall proposal picks up steam

Ann Taylor, Neiman Marcus, Michael Kors and Ralph Lauren could be among Rosemont's future tenants, if the village board green lights a proposal for an upscale outlet mall next month.

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 hotel.

Standing two stories tall with roughly 550,000 square feet of retail space and a parking garage accommodating more than 2,500 cars, Rosemont's mall would be much larger than Aurora's outlet mall.

Despite the economy tempering development in many suburbs, Rosemont Mayor Bradley Stephens is hopeful the project will materialize, though exactly when is unclear.

Past failed proposals for what is dubbed Rosemont's entertainment district included a water park resort, as well as John Barleycorn and Phil Stefani Signature restaurants. The village also was being eyed by Margaritaville, a Jimmy Buffett restaurant.

The village is now negotiating with Florida-based developer Talisman Companies, which has built upscale outlet malls in Las Vegas; Santa Fe, N.M.; and Buffalo, N.Y.

The village board may approve a contract to sell the roughly 12-acre property to the developer at its March 4 meeting.

"It's a big thing today with the economy where it is that this (developer) is still trying to make the project work," Stephens said. "We're extremely confident, though cautious."

Stephens said the village will likely provide the developer funding help through a special taxing district.

Yet, several factors including securing leasing and financing could delay the project.

Stephens said he would like the developer to get commitments from tenants for 50 percent of the property by year-end.

"It's not a done deal by any stretch of the imagination," said Jim Schlesinger, president and CEO of Talisman Companies. "These are very difficult times economically for everybody. The size, the level, the scope - these are things that will get finalized over the next few months as we get a clear picture of where the economy is going."

With the nearest outlet malls in North Aurora and Kenosha, Wis., Rosemont offers Northwest suburban shoppers a more central location. If approved, mall construction would begin in 2010 with target completion and opening in 2011, Schlesinger said

The village board will meet at 9:30 a.m. March 4 on the second floor of village hall, 9501 W. Devon Ave.

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