The Petitioner, T2 Capital Management, LLC,  is proposing to demolish the existing, vacant former Police/Fire building at 112 E. Northwest Hwy and construct a mixed-use residential building. The proposed development, named HQ Residences, would be a 6-story structure with 88 luxury rental units (6 townhome units with garages, 9 studio units, 62 one bedroom units, 11 two bedroom units), 3,500 square feet of retail/restaurant space, and 120 onsite parking stalls (1.36 parking stalls/unit).

The building is proposed to be fully amenitized with a gym and fitness areas, an indoor and outdoor recreation area, and more. Parking is to be provided both at grade to the north of the building, and underground, utilizing the existing underground parking garage. The gross building area for the project is 128,935 square feet with a net residential square footage of 76,624 square feet. 

Proposed Plans for the HQ Residences (12MB file size)

Entitlement Timeline

The project is a Planned Unit Development located within the Village's Prospect and Main TIF District. A Special Use for a Planned Unit Development (PUD) is required, along with a Redevelopment Agreement (RDA) to authorized the use of TIF funding for this project. 

Village Board Review | December 14, 2021

All Planned Unit Developments require the review and approval of the Village Board in order to proceed to construction. Village Board adopted an ordinance granting a conditional use for a final Planned Unit Development for HQ Residences on December 14, 2021.

View the December 14, 2021 Village Board Agenda Packet item 

Ordinance 6597 | Conditional Use for a Final Planned Development for HQ Residences

Ordinance 6598 | Redevelopment Agreement for HQ Residences

Planning and Zoning Commission Meeting | September 9, 2021

Case No. PZ-14-21 for 112 E. Northwest Highway. Petitioner:  T2 Capital Management, LLC

A public hearing was held with the Planning and Zoning Commission on September 9, 2021 for a Special Use for a PUD. The Planning and Zoning Commission voted to recommend approval to the Village Board by a vote of 7-0. View the minutes of the meeting. 

Block 56 Overview

The area bounded by Northwest Highway, Emerson Street, Busse Avenue, and Maple Street in downtown Mount Prospect is known as Block 56. This block has opportunities for redevelopment, due in part to the relocation of the Police and Fire departments from 112 E. Northwest Highway to their new locations at 911 E. Kensington Road and 111 E. Rand Road, respectively, and the relocation of Chase Bank from 111 E. Busse Avenue to the northwest corner of Main Street and Northwest Hwy. 

The block also includes other parcels including the former Busse Florist,  Emerson's Ale House and the UPS Store. 

Re-Release of the Request for Proposals

The Village had previously selected Greystar Real Estate Advisors as the preferred developer for Block 56, whose proposal included redevelopment of the building at 112 E. Northwest Hwy as well as 111 E. Busse Avenue.  However, complications with the site regarding the relocation of cell antennas (which have a 50 year lease that began in 2017) led to the developer withdrawing their proposal in March 2021.  As a result, the Village reopened the RFP process.

On April 21, 2021, the Community Development Department issued Request for Proposals for the Village-owned property at 112 E. Northwest Highway (Lot 1 in the image above). The RFP submission deadline was May 14, 2021.

Request for Proposals for Redevelopment of 112 E. Northwest Highway

Request for Proposals for Adaptive Reuse of 112 E. Northwest Highway

The T2 Capital Management proposal detailed on this page was brought to the Village a the result of this RFP process. 

Information on this page is accurate as of November 21, 2023.