The city of St. Charles could really be on the cusp of some powerful synergy.
It was announced this week that Pheasant Run Resort and Spa has been sold to Saint Charles Resort LLC, a collaborative group of experienced hotel investors and operators.
Add that to the Route 64 construction project that was completed last year and the sale of Charlestowne Mall, and it can be argued that St. Charles is at the forefront of an exciting economic boom. The potential for increased visitors – and dollars – coming into the city is in sight.
About two years ago, the forecast did not look as bright.
At that time, Pheasant Run was facing a foreclosure action brought by CWCapital. In that suit, CWCapital said Oakbrook Companies – the parent company for Pheasant Run and other local hotel properties – had stopped making payments in April 2011 on a $29 million loan issued in 2006. Further action on that suit eventually was postponed, pending completion of the loan restructuring.
Also during that time, optimism from the 2010 sale of Charlestowne Mall was beginning to fade. Although the mall already was suffering from store departures when the 2010 purchase of the mall took place, local officials and shoppers were discouraged two years later when plans for more stores, an ice rink and other amenities never materialized.
Will new owners at Pheasant Run and Charlestowne Mall – combined with a slick new Route 64 – lead to increased commerce in St. Charles? Only time will tell.
But knowing that a landmark such as Pheasant Run has new life is exciting in and of itself.