Maple Street Lofts

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2019.02.06 - MSL - Building A and D Rendering (002)

This project is under construction.

The last remaining component of this project is the Dawson (Building D), which is currently under construction as of November 2023.

Caputo's Fresh Market Is Open for Business.

Free parking is available on street (Prospect Avenue and Maple Street) as well as in the Caputo's Parking Garage (first floor parking, immediately south of the grocery store) and in the Maple Street Parking Deck (south of the grocery store garage). Follow on-street signage.

Project History: At the August 18, 2020 meeting, the Village Board approved an amendment to the Redevelopment Agreement (RDA) for Maple Street Lofts (MSL), granting $1,512,896 in financial incentives to allow for the buildout and operations of a Caputo's Fresh Market concept within Building A. The proposed incentive package would be funded through three key sources. The Village would pay 1/3 of the cost of the grocery build out (Nicholas and Associates and Caputo’s would also each pay 1/3 of this cost). The Village’s share of the build out (capital) costs is $629,708, and would be paid for with $300,000 in TIF funds at the time a certificate of occupancy is issued for Caputo’s, as well as with TIF increment generated by the MSL project in the amount of $329,708. The remaining $883,188 of the incentive is for operating cost assistance and would be paid through sales taxes generated by Caputo’s over the first ten years of operation (not to exceed the incentive amount). Caputo’s would only receive these pay-as-you-go funds if they generate the revenue from their grocery operations.

View the staff memo and supporting documentation for the RDA Amendment online (Item 8.1 on the Agenda) for more information or view the meeting on demand.

Maple Street Parking Deck Status

The Maple Street Parking Deck construction is complete and open to users.

Note that commuter parking downtown is also available:

In the East and West Commuter Lots, as posted (open to residents and any commuter)
At the top level of the Emerson Street Parking Deck (100 spaces, divided for residents and any commuter).

The easiest way to park daily in downtown is with an Easy Park permit! See additional details on purchasing an Easy Park (Monthly Parking) permit.

Project History: On April 16, 2019 the Village Board approved a proposal for design and construction engineering services to construct the Maple Street Parking Deck, as submitted by Walker Consultants of Hoffman Estates, Illinois in an amount not to exceed $248,500. View the staff report presented to the board.

Maple Street Lofts Mixed Use Development

Maple Street Lofts Building A is Complete

Located at the southeast corner of Maple Street and Prospect Avenue, the Maple Street Lofts development has experienced significant progress. Building A, which contains 192 apartments and a 15,000 square foot commercial space, is now open for leasing.

Maple Street Lofts Rowhomes Are Complete

On the southern half of the site, construction has finished on the 56 rowhomes approved as part of the project. The model rowhomes will take four to five months to complete.

Maple Street Lofts Project History and Details

Village Board Review

At the April 9, 2019 Village Board Meeting, the Village Board voted 5-1 to approve a Conditional Use for a Final Planned Unit Development (PUD) for Maple Street Lofts, and voted 5-1 to approve a Redevelopment Agreement between the Village and Maple Street Lofts, LLC for the Maple Street Lofts project.

View the memo and attachments for the Conditional Use for a Final PUD from the April 9, 2019 Village Board Meeting.

View the memo and attachments for the Redevelopment Agreement (RDA) from the April 9, 2019 Village Board Meeting .

A first reading of the PUD ordinance for PZ 20-18 was held at the April 3, 2019 Village Board Meeting. View the staff report and associated attachments from the April 3rd meeting.

Planning and Zoning Commission Process

At the March 14, 2019 Public Hearing, the Planning and Zoning Commission voted 5-2 to recommend approval of the project. As with all Planned Unit Development projects, this project requires Village Board Approval.

View the report presented to the Planning and Zoning Commission on March 14, 2019

View the recorded Planning and Zoning Commission meeting online.

Notice of Public Hearing

A public hearing for the Maple Street Lofts project [PZ-20-18] was held at the Planning and Zoning Commission on Thursday, March 14, 2019.

Petitioner: Nicholas & Associates, Inc., 1001 Feehanville Drive, Mount Prospect, IL 60056.

Project FAQ

View this project's most frequently asked questions with associated answers. Topics include density, student impact, TIF, traffic, parking and more.

Site Plan

MSL Site Plan Cropped 2.07.19

Three components of the project include Building A: 6-story, 192 unit Mixed-Use building with 14,148 square feet of retail space, Building D: 7-story, 65 unit apartment building, public parking deck (C), and 56 rowhomes (E).

The plans have been updated since the neighborhood meetings held on September 19, 2018 and October 10, 2018. These modifications include:

Reduction in building height for building A from 8 stories to 6 stories.
A reduction in the number of rowhomes from 66 units to 56 units, as well as revision to street layout.
Revised building materials/elevation design for buildings A, D, and the rowhomes.

Project Documents

Site Plan 2.07.19 | Full size version of image above.

Building A Exhibits Floorplan and Elevations | see also rendering [in page header]

Building D Exhibits Floorplan and Elevations | see also rendering [in page header]

Maple Street Public Parking Deck Elevation

Rowhome Elevations | [also, image in page header]

Rowhomes Floorplans

Civil Engineering Plans

Maple Street Lofts Developer Project Summary

Project Market Study

Metra Commuter Parking Phasing Exhibit | Provided by the Petitioner.

Maple Street Lofts Traffic Study | Drafted by KLOA and provided by the Petitioner. You may also wish to refer to the Village's recent Downtown Parking and Traffic Studies.

TIF District Metrics

This project is located within the Prospect and Main TIF District. The Village completes analysis on TIF projects, examining them through several metrics. The Maple Street Lofts project addresses the following Prospect and Main TIF strategies:

TIF Strategies: Redevelop Underutilized Sites, Facilitate Property Assembly (3 parcels), Encourage Private Sector Activities, Implement Public Improvements (stormwater management, public parking).
TIF Metrics - measurables contained within the project:
- New Residential Units: 313 (proposed)
- 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.

TIF Revenue Projection Assumptions

SB Friedman and Associates is a TIF consultant that the Village utilizes to assess a project's financials, including the amount of funding that various taxing districts such as District 57 and District 214, would receive should the project be completed. View SB Friedman's TIF analysis (updated March 27, 2019).

Questions or comments about this project? Contact us.

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