Arlington Downs, the $250 million redevelopment of the site of the former Sheraton hotel at Euclid Avenue and Rohlwing Road in Arlington Heights, received its final major approval from the Arlington Heights village board last week.
The developers plan to put luxury rental apartments in the old hotel, with occupancy starting in about a year.
The second phase will be two new, smaller hotels, one for families who might use the rejuvenated Coco Key water park and the other for businesspeople.
Retail close to the Euclid and Rohlwing corner will probably come next, depending on demand from businesses. Demand will also govern the building of two more luxury apartment towers.
A group led by the Argent Group purchased the site near Arlington Park racetrack about a year ago. The hotel closed late in 2009.
The village staff estimates the development, when complete, could give the village $1 million annually in sales-type taxes and provide property taxes totaling $4.2 million annually for various governments. The village lost $570,000 in annual taxes when the Sheraton closed.
Developers plan to have the entire project built in five years. They will deal with village staff now on construction details and will only return to the board to make changes to their plans.