Pearl Development Moving Forward
By: Diane Turner-Hurns
Journal & Topics Reporter
A summer 2017 grand opening is expected for Rosemont’s next big development, “The Pearl”, a mixed-use development that will feature three restaurants, a 163-room hotel and 100,000 sq. ft. of office space at Balmoral Avenue and Pearl Street.
The new five-story boutique hotel is owned by Downers Grove-based Janko Hospitality. It is in the design stage, officials said this week.
“As plans are finalized I expect we will be going to the village for building and zoning permits this spring to begin developing the area,” said Marc Offit, Braden Real Estate CEO.
As for the highly-anticipated Italian restaurant and bakery known as Buddy V’s that will operate within the development, Offit said the leasing contract is not signed yet, “but we are moving forward and the deal could be completed by April.”
Buddy V’s Ristorante is expected to occupy 8,500 sq. ft. in the new development and will feature an Italian restaurant and bakery selling items from Carlo’s Bakery.
Buddy V’s is the creation of Bartolo “Buddy” Valastro, also known as the “Cake Boss” who runs Carlo’s Bakery that’s been featured on the “Cake Boss” TV show. The bakery began in 1910 by the Valastro family. The original is located in Hoboken, NJ. There are additional Buddy V’s restaurants in Las Vegas and Bethlehem, PA.
In addition to the new restaurants and hotel, Park Ridge-based Koch Foods will move its corporate headquarters to the 16-acre area on Pearl Street. Koch Foods is one of the largest poultry processors in the U.S. It is a private company with operations around the country.
The Balmoral corridor where the development will take place stretches from River Road on the east. Last October, Balmoral was extended west to O’Hare Airport which opened a second entry to one of the world’s busiest air facilities.
Also located along or near Balmoral are the Rosemont Theater, Fashion Outlets Chicago, MB Financial Park at Rosemont, the Ballpark at Rosemont, the Dome at Rosemont and the corporate headquarters of Lifesource.