THE JOURNAL & TOPICS NEWSPAPERS | FRIDAY, MARCH 7, 2008

---

Village Sells Land To Make Way For Offices, Hotel

By TODD WESSELL

Journal & Topics Editor

Rosemont on Wednesday agreed to sell 6.2-acres of property it owns to an area developer to build 300,000 sq. ft. of office space and a Courtyard by Marriott hotel.

The Harp Group could soon begin construction on the massive project with completion anticipated in the spring of 2010, said Rosemont Mayor Brad Stephens. He said that software giant Cisco Systems, Inc. has agreed to occupy approximately 90,000 sq. ft. in one of the two new office buildings.

At Wednesday's Rosemont Village Board meeting, approval was given by trustees to sell the property to The Harp Group at a cost of $28 per square foot. For the 6.2 acres, the transaction totals more than $7.5 million.

The property is located immediately west of the new Intercontinental Hotel currently under construction near River Road south of the Rosemont Theater. Before the village purchased the property, it was the site of several single-story office and industrial buildings.

The two office buildings will consist of 150,000 sq. ft. each, and the hotels total 200 rooms. A three-level parking deck for 319 vehicles will be located adjacent to the hotel.

Stephens said The Harp Group already has commitments to occupy two-thirds of the office space.

In mid-December, the Journal & Topics Newspapers published an exclusive story about Rosemont's plans to sell the property to The Harp Group for development.

Peter Dumon, president of the development company told the Journal at that time that the project has an estimated pricetag of $200 million.