Business

Dave & Buster's, boutique hotel coming to Rosemont

Posted September 14, 2016 1:00 am

A 5-story, 165-room boutique hotel called The Rose will be among the centerpieces of a new mixed-use development planned for a 16-acre site in Rosemont. The development will be known as The Pearl District. Courtesy of Village of Rosemont

Dave & Buster's, the Dallas-based chain that combines dining with arcade-style games and entertainment, plans to open its fifth Chicago-area location in Rosemont's previously announced mixed-use complex, The Pearl District, officials announced Wednesday.

The proposed 16-acre development south of Balmoral Avenue and west of the Tri-State Tollway also will include The Rose, a five-story, 165-room boutique hotel, for which new architectural renderings were released this week - and also advertised on digital billboards overlooking the site.

Dave & Buster's has locations in Addison, Vernon Hills, Orland Park and Chicago among its 85 across the U.S. and Canada.

The Rosemont restaurant is expected to employ more than 140 people, officials said.

Rosemont plans to build a $5 million shell for the 40,000-square-foot venue and give the restaurant $4 million to pay for improvements inside, under terms of an agreement approved Wednesday by the village board.

Dave & Buster's plans to spend another $6 million on the interior, Mayor Brad Stephens said.

A three-level, 700-space village-owned parking garage - estimated to cost up to $11 million - is planned next door.

Dave & Buster's will pay the village $1.6 million in annual gross rent over 15 years, after which the agreement calls for 10 percent increases every 5 years.

It will be on the site previously proposed for the corporate headquarters of chicken processor Koch Foods, which backed out of plans to relocate from Park Ridge in July due to cost.

The board Wednesday also paid $1.1 million to three brokers in commission payments for working on the deal that secured Dave & Buster's.

Also Wednesday, Rosemont officials announced that an upscale Italian restaurant has secured a lease for one of two proposed restaurants in The Pearl. Negotiations continue over a lease for the other, and Stephens said the previously-announced Buddy V's Ristorante, a creation of reality TV star Buddy Valastro, isn't off the table.

While the village will own and lease the Dave & Buster's site, it is giving land to Braden Real Estate for the two restaurants and to Janko Group for the hotel.

Street and stormwater work has already begun, before building construction is projected to start next spring. The Pearl District is expected to open in the spring or summer of 2018.

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A 40,000-square-foot Dave & Buster's restaurant will open in Rosemont as part of The Pearl District development at Balmoral Avenue and Pearl Street, officials announced Wednesday.

The Rose, billed as Rosemont's first boutique hotel, will open in the spring of 2018 as part of The Pearl District mixed-use development, village officials announced Wednesday. Courtesy of Village of Rosemont

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