A Kankakee couple is realizing a lifelong dream of operating their own event space by opening the new Palazzo VIP at the former Sully’s location.

The festivities for the new space at 555 S. West Ave. kicked off Thursday with a ribbon-cutting ceremony hosted by the Kankakee Chamber of Commerce and continues today with an open house at 4 p.m.

“For now it’s going to be an event center where people can have weddings, quinceaneras and other celebrations,” said Linda Ramirez, who owns Palazzo VIP with her husband Leo. “The second phase is where I have my own kitchen for regular dining.”

Ramirez said she had always wanted to operate an event space, but first she started a career as a bricklayer “building other people’s dreams” and then became a nurse.

After her husband recovered from a lengthy illness, the couple decided to make their dreams a reality and bought the property that once housed the iconic Sully’s.

With a capacity of 350 on the first floor and another 200 on the second floor, Ramirez said she hopes to start booking events for the weekends – and possibly the occasional Thursday – beginning next week.

“The previous owners kept this place in very good shape,” Ramirez said. “Renovations were mostly like makeup. We did the flooring and painting.”

At Thursday’s ribbon cutting, Kankakee Mayor Chris Curtis joked about having his first “legal” drink in the building.

“If you’re like me, I’m sure probably most of you have probably been in this building before but it’s been a long time,” he said. “You probably walked through those doors and had memories that flashed back to when you were here last. We’re excited for Linda and Leo, who reopened up what is really a significant piece of not just the city of Kankakee, but Kankakee County.”

Ramirez said that even though the facility can handle multiple events simultaneously, she’s looking to just handle one a night to begin.

This is the first of two planned event spaces announced recently inn Kankakee. Engineer Neil Piggush recently announced plans to redevelop three parcels in town that would ultimately house a boutique hotel, a banquet space and a restaurant/bar. That project is in its infancy and only recently received City Council approval for a low-interest loan.