Developer Paying $5M For Offices
By TODD WESSELL
Journal & Topics Editor
The closing on the sale of a large office building in Rosemont will take place on Oct. 4 that will transfer ownership from the village to a private company.
Farpoint Development is paying the village $5 million for the building at 6300 N. River Rd., that until a few years ago was the home of the American Association of Orthopedic Surgeons (AAOS). That organization developed a new headquarters a few blocks to the south at River and Higgins roads.
Farpoint, according to Rosemont Mayor Brad Stephens, is purchasing the 130,000 sq. ft. property for investment purposes and intends to make improvements. It will remain an office building.
Following AAOS’s move, the village purchased the building. By being located within a village-controlled Tax Increment Financing (TIF) district, and unoccupied, the value of the structure has plummeted producing only a fraction of real estate taxes it once had.
Once tenants begin to occupy space in the building, more property taxes will be generated and deposited into the village’s TIF fund. That money can then be used to pay for improvements within the area including helping Rosemont pay off the recent expansion of a four-level parking garage it owns near River Road and Devon Avenue. Because of that, the village was willing to sell the property to Farpoint after paying $7 million for it and to provide Farpoint with other financial incentives.