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.
The block also includes 111 E. Busse Avenue, known as the "Chase Bank Building", and other parcels including the former Busse Florist, and the parcels including Emerson's Ale House, Gathered Boutique and the UPS Store.
To responsibility address the use of the soon-to-be-vacant police and fire building owned by the Village, the Village issued a request for proposals (RFP) in September 2019. Village staff received responses from three (3) development firms:
- Greystar - View Greystar's project overview presentation
- Development team First Equity and Harlem Irving - View First Equity/Harlem Irving Concept from the RFP submittal
- Development team of Stonestreet Partners, Murphy Development Group, and Bradford Real Estate Companies - View Stonestreet Partner's Concept from the RFP submittal
Of the three, Greystar and First Equity/Harlem Irving submitted complete proposals. All three firms were evaluated and interviewed by Village staff as each submission was unique in scope and design. Each response included the Village property, and two included parcels in addition to the parcel at 112 E. Northwest Hwy.
Results of the RFP Review
After completing the interviews, staff rated Greystar as the most qualified firm to redevelop the Police/Fire Building. The proposal includes the redevelopment of the "Chase Bank Building" at 111 E. Busse Avenue; redevelopment of this parcel is a top priority within the Village's Strategic Plan.
Overview of the Greystar Proposal
At a maximum 4 stories in height, the plan includes a proposed public plaza set at the northwest corner of the site near Emerson Street and Busse Avenue. The Greystar team is proposing a highly amenitized mixed-use building, which includes approximately 250 apartments, 8,000 square feet of commercial space, an outdoor public plaza, and a first responders’ memorial plaza honoring the Police and Fire Departments. The parking would be supplied via a parking garage; the residences "wrap" the garage resulting in parking that is generally not visible to the street.
The proposal would be a transformative project, taking an under-performing office building and soon to be vacated public building and creating a vibrant mixed-use development in the core of the downtown district.
At this time, the project includes just two parcels: 111 E. Busse Avenue (Chase Bank Building) and the Police/Fire Building. Greystar’s proposal includes a purchase offer of $2.8 million for the 112 E. Northwest Hwy parcel.
This proposal will be vetted by various boards, commissions, staff and the public through several public meetings.
Committee of the Whole Meeting | Tuesday, March 10, 2020 | 7 PM
Village Board Room | 50 S. Emerson Street
On Tuesday, March 10, 2020, Greystar will attend the Committee of the Whole meeting to present their proposal to the Village Board. This meeting is open to the public.
A public hearing will be required at the Planning and Zoning Commission, with final review and determination at the Village Board. Notice of future meetings will be posted on this page, through required written notice, and shared through various social media/email notification.