In a shock transfer, the Large Ten Convention has knowledgeable Rosemont it is going to train its proper of refusal and buy the remainder of the constructing housing its headquarters — a deal that can make the athletic convention the brand new landlord of the favored Fogo de Chão restaurant.
The village had a pending deal to promote the 11,000-square-foot first-floor restaurant area to an undisclosed investor for $7,375,350, however the Large Ten had 30 days to determine if it wished to purchase the remainder of the constructing first, below phrases of an settlement signed when the convention headquarters and restaurant opened in 2013.
Mayor Brad Stephens stated the Large Ten notified the village Friday, simply two days earlier than the 5 p.m. Sunday deadline.
He stated final month that the Large Ten may not train its choice as a result of turning into landlord to the Brazilian steakhouse may have an effect on the convention’s nonprofit standing.
However Stephens on Monday stated legal professionals and different officers who reviewed the deal for the Large Ten did not suppose it will have an effect on the group’s standing.
Phrases of the deal weren’t disclosed, nevertheless it’s believed the Large Ten supplied barely extra for the property than the undisclosed investor’s bid.
The three-story, 50,000-square-foot constructing, on the south finish of the Parkway Financial institution Park leisure district, additionally accommodates a small workplace for village administration workers of the complicated. They’re going to be capable of keep there for the following two years, however then have to maneuver out, below the proposed gross sales settlement.
Stephens stated there will probably be room for park administration workers as soon as the brand new village corridor is constructed throughout the Tri-State Tollway in The Pearl District mixed-use complicated.
Additionally Monday, the village board inked separate agreements to promote two different buildings within the leisure district to the possession group that runs each companies by way of current leases with the village. Boston-based Lyons Group is paying $6,675,000 for the Kings Eating & Leisure bowling alley and $950,000 for the neighboring 5 Roses Pub.
Stephens attributed the worth distinction primarily to the scale of the properties — the pub is 5,000 sq. ft and the bowling alley is 30,000 sq. ft.
Lyons Group plans to close down the Irish pub and convert it right into a Mediterranean eatery. Among the many first venues to open on the park in 2012, the tavern’s enterprise has declined lately.
“They noticed the numbers had been nice beginning out, and it simply began to dwindle down,” Stephens stated.
Plans name for the pub to shut in September or October, construct out the Mediterranean restaurant over the winter, and open it at the start of 2023. Architects are actually engaged on drawings, which may embody a second-floor out of doors deck and first-floor patio.
Whereas Lyons has three months to shut on the Kings deal, the restaurateur has 18 months on the opposite one — throughout which period they will be capable of lease the property at lowered rents. But when the brand new restaurant would not open in 18 months, the village will get the constructing again.