Downtown Development Projects Within the TIF

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Featuring projects within the Prospect and Main TIF District

HQ Residences

An 88 unit mixed-use development located at the former police and fire department headquarters, at 112 E. Northwest Highway. This design includes 6 townhome units with garages and 3,200 square feet of retail/restaurant space. Learn more about this development on the HQ Residences project page. Developer: T2 Capital Management, LLC.

Project Approval History

Planning and Zoning Commission | September 9, 2021 recommended approval 7-0.

Village Board | December 14, 2021 - Approval of a Planned Unit Development and associated Redevelopment Agreement.

TIF Strategies

Redevelop Underutilized Sites, Encourage Private Sector Activities, Implement Public Improvements.

TIF Metrics

New Residential Units - 88 rental units
Downtown Population Growth - 120 residents (estimated)
Growth in EAV (Equalized Assessed Value)
Sales Tax Generation
Increased retail and commercial space - 3,200 SF
Infrastructure Improvements - public parking, streetscape, roadway improvements
Increased METRA ridership

Prospect Place - 1 W Prospect

Prospect Place Main Street Elevation (View from East)

This $26.8 million redevelopment investment project includes a five story mixed-use building which includes first floor commercial space, 80 rental dwelling units with underground and surface parking for the building's residents. Located at the former "Prospect Place" site at the southwest corner of Main and Prospect Avenue. Developer: Prospect Place, LLC. Learn more about this project on the Prospect Place project page.

Project Approval History

Planning and Zoning Commission | January 14, 2021 and January 28, 2021. Recommended approval 6-1.

Village Board | March 2, 2021 approval of a Planned Unit Development and associated Redevelopment Agreement

TIF Strategies

Redevelop Underutilized Sites, Encourage Private Sector Activities, Implement Public Improvements.

TIF Metrics

New Residential Units - 80 rental units
Downtown Population Growth - 100 residents (estimated)
Growth in EAV (Equalized Assessed Value)
Sales Tax Generation
Increased retail and commercial space - 10,250 SF
Infrastructure Improvements - public parking, streetscape, roadway improvements
Increased METRA ridership

Chase Bank Relocation

Chase Bank opened to the public in September 2021. Formerly the home to Submarine Express, the bank relocated to this site at the northwest corner of Main and Northwest Hwy from the location at 111 E. Busse Avenue.

Planning and Zoning Commission | June 11, 2020 recommended approval of an off-site parking agreement for Chase Bank employees.

Village Board | July 7, 2020 approval of a Redevelopment Agreement and Subdivision. November 4, 2020 approval of an ordinance amending the redevelopment agreement (RDA) for the JP Morgan Chase Bank development to push the property closing date from December 31, 2020 to March 31, 2021 to allow time for all permits to be obtained by the developer.

Maple Street Lofts

Maple Street Lofts is a mixed-use transit-oriented development on a six-acre downtown site. The Planned Unit Development includes 15,000 SF of commercial space - planned as a Caputos Fresh Market - and includes a mix of both luxury apartments and single-family attached rowhomes. Also included in the project is a 268 space Village owned parking deck (Maple Street Parking Deck). Learn details and view plans on the Maple Street Lofts project page. Developer: Nicholas & Associates, Inc.

Project Approval History

Planning and Zoning Commission | March 14, 2019 recommended approval 5-2 of the Planned Unit Development.

Village Board (special meeting) | April 9, 2019 approval of a Planned Unit Development, and Redevelopment Agreement.

TIF Strategies

Redevelop Underutilized Sites, Facilitate Property Assembly (3 parcels), Encourage Private Sector Activities, Implement Public Improvements (stormwater management, public parking).

TIF Metrics

New Residential Units: 313
Downtown Population Growth: 564 (estimate)
Growth in EAV (Equalized Assessed Value): from $1.7M to $16.6M
Sales Tax Generation @ 14,000 SF of retail space (proposed) (approximately $56k annually)
Increased retail and commercial space: 14,000 SF
Infrastructure Improvements: Stormwater management, streetscape, parking ($8M of investment)
Increased METRA ridership
The TIF request for this project relates to public improvement for stormwater management, as well as a commuter parking garage located on the site.

Central and Main | 10 N. Main

10 N. Main consists of 97 luxury rental apartment units (includes 14 studio, 51 one bedroom, 28 two bedroom and 4 three bedroom units) with a 5 story profile. The building features two amenity areas including a rooftop deck. 130 parking spaces are supplied at-grade and partially enclosed (first floor). The developer also provided improvements to the roadway and streetscape in a manner consistent with the existing downtown aesthetic. Redevelopment of this site has been a high priority since the demolition of the old Central Plaza strip center. Developer: First Equity Acquisitions, LLC.

Project Approval History

Planning and Zoning Commission | February 14, 2019 recommended approval of a Planned Unit Development

Village Board | March 5, 2020 approval of a Planned Unit Development and associated Rezoning to B-5C and Redevelopment Agreement.

TIF Strategies

Redevelop Underutilized Sites, Encourage Private Sector Activities, Implement Public Improvements

TIF Metrics

New Residential Units: 97
Downtown Population Growth: 120
Infrastructure Improvements: Streetscape, underground tank removal
Increased METRA ridership

20 West

20 West is a mixed-use Planned Unit Development (PUD) consisting of a six-story building with seventy-three apartments and a two story restaurant with related off-site improvements including public parking. The building includes rooftop seating for the restaurant as well as two rooftop areas for the residents on top of the fourth and sixth floors. Development of this site has been a priority of the Village and was one of the Village’s top Strategic Plan Goals in 2018 and 2019. Developer: Nicholas & Associates, Inc.

Project Approval History

Planning and Zoning Commission | February 22, 2018 recommended approval of the Final Planned Unit Development.

Village Board | March 6, 2018, for the following items:

A Resolution Approving a Final Plat of Subdivision for 20 West - this item was approved by the Village Board 6-0 on March 6, 2018
Ordinance Granting a Conditional Use for a Planned Unit Development for 20 West - this item was approved by the Village Board 6-0 on March 6, 2018
A Resolution Authorizing the Execution of a Redevelopment Agreement Between the Village of Mount Prospect and 20 West LLC - this item was tabled to and approved on the March 20, 2018 Village Board Meeting.

The projected figures are estimates that are based upon industry standards for similar developments in the region.

TIF Strategies

Redevelop Underutilized Sites, Facilitate Property Assembly (6 parcels), Encourage Private Sector Activities, Implement Public Improvements

TIF Metrics

New Residential Units - 73 rental units (approved)
Downtown Population Growth - 100 residents (estimated)
Growth in EAV (Equalized Assessed Value) - from $71,907 to $1,300,000 (projected)
Sales Tax Generation - from $0 to $30,000/year (projected)
Increased retail and commercial space - 5,000 SF (restaurant space)
Infrastructure Improvements - public parking, streetscape, roadway improvements ($685,000)
Increased METRA ridership.

Amount

The RDA obligates the Village to provide $2 million of incentives from the TIF fund towards the $23.5 million project. These incentives would include the following TIF-eligible expenses: A waiver of up to Nine Hundred Fifteen Thousand Dollars ($915,000) for soft costs including permit fees, legal, survey, civil engineering, architecture, MEP & structural engineers, landscape architect, soils/geo/environmental, market study and TIF consultants. Payment of up to Two Hundred Sixty Thousand Dollars ($260,000) by the Village for underground utilities including water, sanitary, storm, valves, hydrants, hauling, trench backfill, screening and street cuts. Payment of up to Two Hundred Eighty Thousand Dollars ($280,000) by the Village for paving including grading, compacting, curb & gutter, stone, asphalt, pervious pavement, curb replacement and striping. Payment of up to One Hundred Forty Five Thousand Dollars ($145,000) by the Village for streetscape including public walk, parkway landscaping, streetlights and street signs. An allowance of up to One Hundred Thousand Dollars ($100,000) by the Village for ComEd relocate of the current overhead lines on the properties. An allowance of up to Three Hundred Thousand Dollars ($300,000) by the Village for non contaminated soils removal per True North, site soils may be classified as non-contaminated and require special disposal.

Park Terrace - 15-19 N. Elmhurst

Park Terrace consists of two principal buildings containing a total of twelve (12) upscale rowhomes. The dwelling units are three (3) stories tall and include rooftop terraces. The property is located in the northwest quadrant of the Village's downtown, behind the Village's post office. Development of this site has been a priority for the Village and is one of the Village's top Strategic Plan Goals for 2018. Developer: SMART Builders.

SMART Builders was granted a conditional use to allow a final planned unit development (PUD) at 15-19 N. Elmhurst Avenue.

Project Approval History

Village Board | March 6, 2018 approvals:

A Resolution Approving a Final Plat of Subdivision for the Property at 15-19 N. Elmhurst Avenue - this item was approved by the Village Board 6-0 on March 6, 2018
Ordinance Granting a Conditional Use for a Final Planned Development for the Property at 15-19 N. Elmhurst Avenue - this item was approved by the Village Board 6-0 on March 6, 2018
Resolution Authorizing the Execution of a Redevelopment Agreement Between the Village and Park Terrace Mount Prospect, LLC - this item was tabled to and approved at the March 20, 2018 Village Board Meeting.

The projected figures are estimates that are based upon industry standards for similar developments in the region.

TIF Strategies

Redevelop Underutilized Sites, Encourage Private Sector Activities, Implement Public Improvements

TIF Metrics

New Residential Units - 12
Downtown Population Growth - 30
Growth in EAV (Equalized Assessed Value) from $76,943 to $1,200,000 (projected)
Infrastructure Improvements - $160,000 for stormwater detention
Increased METRA ridership

Amount

$400,000 from the TIF fund for the following expenses, per the redevelopment agreement: A waiver of up to Eighty Thousand and No/100 Dollars ($80,000.00) of permit fees payable to the Village for the Project. Payment of up to One Hundred Twenty Thousand Dollars ($120,000.00) for installation of storm water detention system, curbs, and paving for the Project. Payment of up to Forty Thousand and No/100 Dollars ($40,000.00) by the Village for demolition, tree removal, construction fencing and/or site preparation fees for the Project. Payment of up to One Hundred Thousand and No/100 Dollars ($100,000.00) by the Village for a sewer extension in the public right-of-way adjacent to the Property to serve the Project. Payment of up to Sixty Thousand and No/100 Dollars ($60,000.00) by the Village for water, sewer and utility work to serve the Project.

Relocation of Parenti Raffaeli

Parenti Raffaeli, formerly of 215-225 E. Prospect Avenue, relocated its woodworking facility to a newly renovated building in Kensington Business Center (1401 Feehanville Dr.). The Village worked with this business for several years on relocation options and ultimately were successful in those efforts when Nicholas and Associates crafted a relocation plan to the Kensington Business Park with the Parenti and Raffaeli owners. The Village was not included in the relocation transaction. However, a key part of the relocation plan included the Village providing some financial assistance to Parenti Raffaeli for eligible Tax Increment Financing (TIF) expenses associated with their move. Parenti Raffaeli submitted a detailed list of these expenses, which total $4.66 million. Parenti’s total investment in their new facility exceeded $10 million. On August 21, 2018 the Village Board authorized a request form Parenti and Raffaeli, Ltd. for reimbursement of eligible TIF expenses in an amount of $3,000,000. This authorization was approved by ordinance on September 4, 2018. This amount is supported by the total investment that Parenti made on their new facility in Kensington Business Center, as well as estimated future revenue that a redevelopment would generate to the Village (see Maple Street Lofts, below).

Relocation opens up the site for redevelopment as recommended in the Downtown Implementation Plan. The Plan proposes redevelopment of this area to high density mixed-use residential/retail to enhance the existing downtown district. The 215-225 E. Prospect Ave site is adjacent to the Village-owned Maple Street commuter parking lot, providing an opportunity for a public-private partnership. The redevelopment of these properties is also a top priority of the Village’s Strategic Plan.