Dave & Buster's buys Rosemont building for $11.4 million
Dave & Buster's will pay Rosemont $11.4 million to purchase the 40,500-square-foot building it's been renting from the village since 2018, under a deal approved by the village board Monday.
The Dallas-based chain that mixes dining with arcade-style games and entertainment plans interior and exterior renovations to its property within Rosemont's The Pearl District mixed-use complex.
The chain also is completing a larger-scale, $7 million renovation of the former Gameworks space at the Streets of Woodfield in Schaumburg. Once that opens, the company plans to close its longtime Addison location, according to Rosemont Mayor Brad Stephens.
The Rosemont land deal came about when Dave & Buster's officials started talking to village hall about making building improvements, and the village gauged the company's interest in taking over responsibility of the building outright.
Dave & Buster's was the first business to open in The Pearl, located south of Balmoral Avenue and west of the Tri-State Tollway. It cost the village $7 million to construct the building shell, and the company has paid nearly $5 million in rent since opening.
“So we're coming out OK,” said Stephens, who has inked similar property sales to Rosemont businesses in recent years.
Plans call for conversion of two party rooms into virtual reality gaming spaces, and repainting the building exterior into darker blue and gray colors, Stephens said.
Officials still need to finalize a parking agreement guaranteeing Dave & Buster's use of some 20 dedicated spots; overflow is allowed in the public garage.
The building sale also would make the company eligible for a new property tax rebate program the village created in July for businesses in The Pearl. Already getting the incentive is The Rose Hotel Chicago O'Hare, Carmine's, and Truluck's Ocean's Finest Seafood and Crab.
During the initial redevelopment process, the village gave land to Braden Real Estate for the two restaurants and to Janko Group for the hotel.
Besides the parking garage, the village retains ownership of a pad where a 35,000-square-foot building is envisioned. Last month, Stephens announced plans there for another restaurant and an exhibit space for immersive art experiences and pop-up museums.
But Monday he said it's possible that building could become part of the redevelopment of the long-vacant 19-acre property the village bought last month west of Mannheim Road and south of the Jane Addams Tollway.
In Schaumburg, Dave & Buster's plans to complete construction in January and open in early 2024, according to village Economic Development Director Matt Frank.
A closing on the Rosemont property sale is set for Oct. 2.
• Daily Herald staff writer Eric Peterson contributed to this report.