Business & Tech

$250 Million Arlington Downs Project Officially Begins

A recent ground breaking ceremony officially kicked off the start of construction at the former Sheraton Hotel at Rohlwing and Euclid in Arlington Heights, where a combination of luxury apartments, retail, restaurants and a water park are planned.

A recent groundbreaking ceremony kicked-off the official start of construction at the Arlington Downs development, located at the former Sheraton Hotel property, 3400 Euclid Avenue in Arlington Heights. 

By the start of the new year, demolition of portions of the former Sheraton parking lot, the old conference center, meeting areas, ballroom space and the former hotel lobby had already been completed. 

Bill Enright, the Deputy Director of Planning and Community Development for the Village of Arlington Heights said financing for the first phase of the project was recently secured by the developer and renovations of the Sheraton Hotel tower can now begin. 

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"Right now they will be renovating the tower itself, and are probably looking at a completion date of May 2014," Enright said. 

The village, Enright said, has been working in close partnership with developer Argent Group, in addition to Stoneleigh Companies of Barrington, who will oversee the residential component of the development. 

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Enright said the entire development will bring a strong revitalization to the property that has long been anticipated in the village. 

"This project takes a site that unfortunately was antiquated and closed down for several years; the village lost at least a half million [dollars] in hotel taxes," Enright said. 

What is exciting for us, Enright said, is that this corner will be brought back to life.

"We think it is going to be even more dynamic, because it will be a true mixed-use development" Enright said. 

Also vital to the project is its immediate access to Route 53, in addition to the close proximity to Arlington Race Track and Arlington Park Metra Station, Enright said. 

A partnership is currently underway to create a path between the future Arlington Downs and the race track to create better accessiblity for visitors and future residents. 

And the financial impact once the full development is complete is expected to double the return to Arlington Heights. 

Enright said estimates put sales and hotel taxes at around $1 million per year for the village. 

"Arlington Downs is going to be one of those iconic develoments, the architecture will be of very high quality, and the design will play off the race track theme," Enright said. 

The project cost is estimated at $250 million.

 


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