This building is now open to residential leasing.

Commercial tenants have begun interior buildouts with anticipated openings in early 2024. 

Project Entitlement Summary

At the March 2, 2021 Village Board Meeting, the Village Board voted 6-0 to approve the Planned Unit Development for Prospect Place, LLC., with associated conditions listed in the ordinance.  The associated Redevelopment Agreement was also approved by a vote of 6-0 with a waiver of the second reading, subject to final attorney review. 

The Village has approved the redevelopment proposal for Prospect Place, located at the southwest corner of W. Prospect Avenue and S. Main Street (IL-83), 1 - 31 W. Prospect Avenue. 

The proposal, referred as "1 W Prospect" is petitioned by Prospect Place Development Partners, LLC. , and is Case No. PZ-24-20 for zoning entitlement purposes.

 

First Equity Group is proposing a $26.8 million redevelopment  investment to what is currently known as Prospect Place. The project includes a five story mixed-use building which includes first floor commercial space with underground and surface parking for the building's residents.

Approximately 10,250 square feet of retail space is proposed on the first floor along with residential amenities and a lobby space. Floors 2 - 5 would contain 80 rental units (32 one-bedroom, 48 two-bedroom) averaging 903 square feet in size. Parking is to be provided at grade behind the building and within  underground garage parking. Site ingress and egress would be provided off of Evergreen Avenue and Wille Street.

The proposed design provides 22 surface parking spaces and 72 underground spaces. The Petitioner is seeking a parking agreement with the Village to secure the usage of  parking stalls in the adjacent Wille Street parking lot to allow residents to park overnight, ultimately providing 1.3 parking stalls per unit. The proposed building is 5 stories tall (approximately 65 feet), and includes a rooftop access to additional amenities including a 1,200 square foot indoor amenity space, a 2,500 square foot roof deck, and a 1,900 square foot green roof area.

The renderings provided demonstrate significant architectural interest in this building, as it is a full masonry building to be made of ruby red face brick and iron spot face brick that complement each other. An array of bushes, trees, and grasses are proposed to be provided along Wille Street and Evergreen Avenue at the rear of the building and surrounding the proposed parking lot.

 

Village Board Meetings

The Planned Unit Development zoning request will be on the February 16, 2021 Village Board Meeting for first reading. View the agenda packet.

The second reading of the PUD ordinance and a first reading of the Redevelopment Agreement associated with the project will be on the March 2, 2021 Village Board Meeting.  View the agenda packet.

At the March 2, 2021 Village Board Meeting, the Village Board voted 6-0 to approve the Planned Unit Development for Prospect Place, LLC., with associated conditions listed in the ordinance.  The associated Redevelopment Agreement was also approved by a vote of 6-0 with a waiver of the second reading, subject to final attorney review. 

Continuation of Planning and Zoning Commission Meeting

This item will be on the January 28, 2021 Planning and Zoning Meeting to continue discussion. 

Thursday, January 28, 2021
7:00 PM
via GoToWebinar with Village of Mount Prospect Plan Commission, as authorized under the State of Illinois Emergency Orders and the Restore Illinois Resurgence Mitigation Plan

Click here to register for the GoToWebinar as a Meeting Attendee

The following items were submitted by the petitioner as supplementary to their application:

Prospect Place Update - Staff Memo

Prospect Place Revised Plans 1.22.2021

KLOA Memo - Prospect Place - Wille Street Traffic Memo

View the January 28, 2021 PZ Meeting Agenda Packet.

[February 1, 2021 Update]: The Planning and Zoning Commission recommended approval of the proposal by a 6 - 1 vote, at the January 28, 2021 meeting. 

This item requires Village Board review and approval. A meeting date with the Village Board is to be determined; this page will be updated prior to the Village Board meeting. 

Public Hearing

This proposal requires a Conditional Use for a Planned Unit Development, which requires review by the Planning and Zoning Commission with final approval at the Village Board. The Village Board would also review a Redevelopment Agreement and Parking Agreement in conjunction with the Conditional Use. 

A public hearing has been scheduled for PZ-24-20

Thursday, January 14, 2021
7:00 PM
via GoToWebinar with Village of Mount Prospect Plan Commission, as authorized under the State of Illinois Emergency Orders and the Restore Illinois Resurgence Mitigation Plan

Petitioner is seeking a conditional use for a final PUD and other relief from the Village of Mount Prospect Village Code as may be required for this project.

All interested parties are invited to attend a virtual Public Hearing of the Village’s Planning and Zoning Commission. Those interested in participating in the meeting should visit the Village’s website (www.mountprospect.org) 2 hours prior to the meeting to access the meeting code. Interested parties are encouraged to submit written questions or comments to the Village prior to the meeting that will be included in the discussion. Persons having questions may call the Community Development Department of Mount Prospect at (847) 818-5328.

The Planning & Zoning Commission will make a recommendation based on the information discussed at the meeting; the Village Board’s decision is final for this case.

Documents

View the Site Plan, Elevations, Floor Plan (7 MB file size .PDF)

View the Public Notice

View the Staff Report for the January 14, 2021 Public Hearing