Prescott, Ariel, and Land Capital Join Up on Illinois Retail Destination

Outlets, Hyatt, and Guitar Museum Coming to Rockford

(CoStar News)

by Sasha M. Pardy

December 13, 2007 - Merchant banking firm, The Prescott Group and its subsidiary, outlet center operators Ariel Preferred Retail Group; as well as developer, Land Capital Group; have joined up to bring a new outlet retail center to Rockford, Illinois.

Breaking ground in spring 2008, The Preferred Outlets at Rockford will include 400,000 square feet of outlet retail space as well as 17,000 square feet of outparcel retail and restaurant space. Also on the site is a $25 million, new concept Hyatt luxury Hotel that broke ground this fall.

The most unique component will be "Rick's", a 20,000 square foot entertainment concept named for Cheap Trick rock band guitarist, Rick Nielsen, that will include a restaurant, music venue, banquet facilities, and a rock star guitar museum. This feature is being co-developed with Ringland-Johnson Construction.

When the development, intended to embody a "Las Vegas-meets-Midwest tourist destination", is complete in spring 2009, the joint venture anticipates it will have a 60 mile regional draw, tapping into five million residents and millions of tourists.