[Update March 19, 2019]
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. The next available Village Board meeting is April 3, 2019; refer to this page as the date draw close for meeting date confirmation.
Notice of Public Hearing
The Maple Street Lofts project [PZ-20-18] is scheduled for a public hearing with the Planning and Zoning Commission.
Thursday, March 14, 2019
7:00 PM - Village Hall, 50 S. Emerson Street.
Petitioner: Nicholas & Associates, Inc., 1001 Feehanville Drive, Mount Prospect, IL 60056.
Request: Petitioner is seeking a plat of subdivision, zoning map amendment from P1 and I1 to B5C and B5, a conditional use to allow for a final planned unit development, and other relief from the Village of Mount Prospect Village Code as may be required for this project.
Proposed Project Details
The Maple Street Lofts is a mixed-use transit-oriented development on a six-acre downtown site. The proposed Planned Unit Development is 14,000 SF of retail/restaurant/entertainment uses and includes a mix of both luxury apartments and single-family attached rowhomes. It will also include 268 structured parking spaces in a Village-owned public parking garage. This project requires a recommendation from the Planning and Zoning Commission and approval from the Village Board for the associated rezoning and conditional use for a planned unit development.
View this project's most frequently asked questions with associated answers. Topics include density, student impact, TIF, traffic, parking and more.
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, a 268 space 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.
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]
Rowhome Elevations | [also, image in page header]
Metra Commuter Parking Phasing Exhibit | Provided by the Petitioner. The current Maple Street Commuter Lot provides 285 parking spaces for Mount Prospect residents. The proposed Maple Street Parking Deck will provide 222 commuter spaces plus an additional 63 spaces on Prospect Avenue restricted to Mount Prospect residents. This maintains 285 spaces south of the tracks and adds 100 spaces in the Emerson Street Parking Deck. Learn more about commuter parking at the Emerson Street Parking Deck.
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): Refer to the SB Friedman report (below).
- Sales Tax Generation @ 14,000 SF of retail space (proposed)
- Increased retail and commercial space: 14,000 SF
- Infrastructure Improvements: Stormwater management
- Increased METRA ridership
- The anticipated 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. Updated analysis is pending due to changes in the plan documents, which must be included in SB Friedman's review.
Questions or comments about this project? Contact us.