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updated: 9/13/2018 10:44 AM

Rosemont purchases building near Allstate Arena for redevelopment

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Daily Herald report

Rosemont will pay $350,000 for a light industrial building north of the Allstate Arena, with an eye toward future redevelopment.

The 7,000-square-foot building, at 7100-7106 Lyndon Ave., is the same one the village considered acquiring through condemnation in June, but further negotiations led to an agreement on the purchase price.

Mayor Brad Stephens said the deal allows owner Steve Cotsirilos to maintain parking lots there for arena parking until the village demolishes the building. Cotsirilos will pay the village a $1-per-car fee, in addition to the $1-per-car tax already remitted to the village.

The village board in June already agreed to paid $350,000 each for three neighboring buildings controlled by a partnership of Cotsirilos and other family members.