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ROSEMONT, IL-The first tenant at the 200,000-square-foot Park at Rosemont retail center opens today, the Five Roses Pub. The bar is said to be named after the late Mayor Don Stephens’ 50 years leading the village, though his alleged mob ties is what ultimately kept out a casino from the Park site.
The Emerald Casino was originally planned for the property, but in 2005 the state attorney general and FBI officials linked Stephens with mob members in plans for the property. The state moved the license to nearby Des Plaines, IL, instead. Stephens denied any association with crime figures.
The village owns the Park, and after investing about $40 million in the development, expects to clear about $3 million in rent from the center. The property is at 5501 Park Pl., west of River Road between Bryn Mawr and Balmoral avenues. Along with the pub, tenants opening this spring and summer include a bowling alley, a comedy club and five restaurants. The site also includes a large, lighted outdoor theater area. A Muvico theater, the only part of the planned $500 million, hotel/water park resort/theater/retail Rosemont Walk project that was constructed, shadow anchors the property.
There is a $230 million outlet mall going up south of Balmoral, being developed by Coral Gables, FL-based Awe Talisman. The 550,000-square-foot Fashion Outlets of Chicago Rosemont is reportedly 60% leased, though no tenants have been named. Macerich took at 60% stake in the project in November.
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