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March 11 Committee of the Whole Meeting -
Discussion of Subarea #1 Redevelopment Proposal
View the Subarea #1 Redevelopment
Plan (PDF)
The Heimbaugh Capital Development Corporation (HCDC) has presented the
Village with a redevelopment plan for the “small triangle” area that is referred
to as Sub-area #1 in the Downtown TIF District Strategic Plan. Sub-area #1 is
bounded by NW Highway on the south, Main Street on the east, Wille Street on the
west and the Village parking lot to the north.
HCDC’s plan calls for the construction of 105 residential condominium units and
35,000 square feet of commercial space that would be supported by a 268 space
parking structure. The project would be built in two phases over a three-year
period. The first phase would include a 7-story mixed use structure that would
consist of 65 residential units and 20,000 square feet of retail space and be
located along Wille Street. The 268 space parking garage would also be
constructed as part of phase 1. A 6-story mixed use structure would be built in
phase two at the corner of NW Highway and Main Street. The proposal includes an
internal plaza that would provide unique outdoor dining opportunities and an
area for public gatherings. In addition, the plans provide for several private
landscaped roof terraces and rooftop gardens.
The proposal would be a public/private partnership between the Village of Mount
Prospect and HCDC for the redevelopment of Sub-area #1. Details will be provided
at the meeting regarding the Village’s proposed participation in the project. A
redevelopment agreement between HCDC and the Village would detail the financial
obligations of each party.
The March 11 Committee of the Whole meeting will be the first of several public
forums to provide interested parties the opportunity to comment on the project.
Subsequent public hearings will be held before the Planning and Zoning
Commission and Village Board for consideration of a Planned Unit Development.
Sub Area #1 property owners have been notified about the meeting. Mr. Heimbaugh
and appropriate staff will be on hand to answer questions and facilitate
discussion.
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