Village Board Approves Several Important Development Projects
The Mount Prospect Village Board unanimously approved five significant economic development initiatives at Tuesday night’s Village Board meeting. The projects total more than $50 million in private investment in the Downtown District, Rand Road Corridor and Kensington Business Center.
The approved projects included:
- Mount Prospect Pointe (801 E. Rand Road), a commercial project consisting of 4 principal buildings that are slated to include an AAA Automobile maintenance center, The Tile Shop home improvement center, Texas Roadhouse restaurant and a 4th pad, slated for fast casual restaurant with drive through.
- Park Terrace (15-19 N. Elmhurst Ave.), featuring 12 3-story luxury rowhomes each with a rooftop terrace on a site that has been vacant for the last decade.
- 20 West (20 W. Northwest Highway), a mixed-use transit-oriented development centrally located in downtown. The property is a vacant half-acre parcel located at 20 W. Northwest Hwy. (northeast corner of Wille Street and Northwest Highway). The new development consists of a 6-story building that will feature 73 luxury apartment units and 5,000 s.f. of retail/restaurant space.
- 7-Eleven (1201 E. Central Rd.), TV Investments was granted approval of several setback variations to allow for the redevelopment of the southeast corner of Rand and Central Roads into a 7-Eleven convenience store and gas station. They are proposing to demolish the existing gas station and reconfigure the site to locate the convenience store on the western corner of the property.
- 799 Biermann Court, the Board approved a real estate sales contract to acquire the property located at 799 Biermann Court in the Kensington Business Center for a new Police Headquarters. The 103,000 SF industrial building is being considered for a renovation to accommodate the Police Department. The contract authorizes the purchase at $5.12M, subject to a 45 day due diligence period. An open house is scheduled for March 27th from 6:00 to 8:00pm at 799 Biermann Court. More information here.
Updates on these and other economic development projects will be available on the Village’s web site.