Schaumburg restaurant wants banquet facility in Fox River Grove

The owner of Chicago Prime Steakhouse in Schaumburg is looking to build a 15,000-square-foot banquet facility in Fox River Grove.

The developer is eyeing the former Five O'Clock Steakhouse property at 1050 E. Northwest Highway (Route 14) — that restaurant burned down in July 2009 in a fire later deemed suspicious.

“It's been vacant for a while,” Village Administrator Derek Soderholm said.

“There's nothing on it right now. It would be a totally redone project. There's not many 15,000-square-foot facilities in Fox River Grove. It will be one of the larger single structures,” he said.

Jewel-Osco, off Route 14 north of Route 22, has the largest footprint in town at around 55,000 square feet.

Soderholm said there aren't too many banquet facilities in the area and the closest ones are in Crystal Lake and Kildeer.

“Beyond that, a true wedding type banquet facility, there's not that many,” he added.

Kalkounos spoke before the village board Thursday night about his concept and said that he'd purchased the property just last week. The 65-year-old said this banquet facility is his retirement plan.

“It's a more secure business,” he said, adding that a banquet facility would draw customers from 50 to 100 miles away whereas a restaurant only draws from 5 to 10 miles away.

“This is a very good location it will be the most beautiful banquet (facility) in the existing banquet business,” he said.

Kalkounos said his future plans for the property include a potential restaurant and assisted-living facility on site.

The goal is to open the banquet business by September 1, he said.

The village board also is considering establishing a business district over that particular parcel at the request of the developer to help with the cost of road construction.

Officials estimate it would cost $550,000 to relocate the entrance further northwest, more toward the center of the property.