Fat Rosie's Taco & Tequila Bar plans to open this year in the Rosemont Entertainment District space recently vacated by Park Tavern, officials announced Monday.
The village council signed a $2.9 million contract Monday morning to sell the two-story, 9,000-square-foot space in Parkway Bank Park to CapitalSpring, a private equity firm that recently acquired the chain of Mexican restaurants.
The sale comes a little more than a month after village trustees approved a $1 million lease buyout of Park Tavern, one of the entertainment district's first venues opened in 2012.
Fat Rosies, which also has locations in Schaumburg, Lincolnwood, Lincolnshire, Naperville and Frankfort, could compete with another original venue in the Rosemont Entertainment District, Adobe Gilas. This latest Mexican venue has 10 years left on its lease, but that deal is with the owners of Sugar Factory, which is in the same building, not the village.
I see Adobe Gilas as a bar, Mayor Brad Stephens said. If they sense competition, they can reorient themselves.
For example, Stephens said, Chicago's former German brewery Hofbruhaus was transformed into Crust, a pizzeria and craft beer bar, and Five Roses Pub became the Mediterranean-inspired Saltwater Coastal Grill.
In the case of Fat Rosies, founder Scott Harris had already considered a move to Rosemont.
There is some entertainment value, Stephens said, pointing out the mariachi performers who go from table to table. It is a family entertainment restaurant.
And, he added, the queso pan will knock your socks off.
The business will go before the village Zoning Board of Appeals on March 5 for an initial review of a special use permit. Some interior renovations are planned, but the large bar left by Park Tavern will remain in place, Stephens said. The new restaurant also purchased the kitchen equipment from the old restaurant.
The physical acquisition by Fat Rosies' property also includes the former Park Taverns top floor patio which extends onto the roof of the neighboring Zanies Comedy Club.
In recent years, village officials have sold buildings in the entertainment district to their operators; leases only remain at Zanies, Bub City/Joes Live and a ground lease at iFly Indoor Skydiving.
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