Rosemont in Talks to Sell Theater to Entertainment Group

A 30-year-old theatre property in Rosemont could soon change hands as the village explores selling to a private entertainment firm.

Village officials have taken the first steps toward a potential sale by rezoning the Rosemont Theatre, at 5400 North River Road, from government and institutional to commercial, the Daily Herald reported.

The theater opened in 1995 and has been an important asset for the village. It survived the pandemic with the help of federal grants for shuttered venues, but the theater has faced challenges in recent years, particularly in competing with larger downtown Chicago venues.

Village officials have discussed the idea of selling the theater for several years, and are in talks with the private entertainment firm, representing a serious effort to revitalize the 4,400-seat venue and surrounding area.

Mayor Brad Stephens declined to reveal the firm’s identity.

While the sale is not yet finalized, the village is weighing the offer and its potential impact on the community and surrounding commercial development.

Should the sale move forward, the buyer would take over the building and the ongoing show agreements at the theater. The village has also indicated that it would retain ownership of the surrounding parking lots.

The village has explored various options for the theater’s future, including a tentative agreement with Macerich, the owner of Fashion Outlets of Chicago. Mecerich would’ve demolished it and expanded the mall. However, those plans were derailed by the pandemic.

Other development projects in Rosemont include the slated demolition of a decades-old city-owned office highrise.

In December, the village board approved a $1.3 million demolition contract with Elgin-based Omega for the former Rosemont village hall building and its adjacent parking structure at 9501 West Devon Avenue.

The eight-story building is seen as having significant redevelopment potential, envisioned as a possible location for office spaces, an entertainment venue or upscale restaurants.

— Andrew Terrell