A second Neighborhood Open House was held by Nicholas and Associates on October 10, 2018 at Buckingham Place in Des Planes from 5 PM - 7 PM. View the Open House boards from this meeting, which includes information on anticipated school impact, financing, traffic, and more.
Proposed Project Details
Nicholas and Associates, the owner of 215-225 E. Prospect Avenue (former Parenti Raffaeli site), is in the preliminary stages of creating a redevelopment plan for the parcels, incorporating the Village-owned Maple Street commuter parking lot.
The Maple Street Lofts is a mixed-use transit oriented development on a six-acre downtown site. The proposed Planned Unit Development is 10 - 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 250 structured parking spaces reserved for commuters. This project will be scheduled for an upcoming Planning and Zoning Commission and requires approval from the Village Board.
UPDATED Preliminary Plans
The plans have been updated to reflect a slight change to the elevation's materials for Building A and more detail for Building D.
Here are updated plans, dated October 10, 2018.
Overall Site Plan | Building A, Building D, Parking Garage and Row Homes
Comparison of Building Height | View an illustration of how Building A compares with other buildings in the area.
This project will also require a public hearing to be held at a future Planning and Zoning Commission at the Mount Prospect Village Hall, 50 S. Emerson Street. This meeting has not yet been scheduled. As with all Planned Unit Development projects, this project requires Village Board Approval.
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: 323 (proposed)
- Downtown Population Growth: 679 people
- Growth in EAV (Equalized Assessed Value): Refer to the SB Friedman report (below).
- Sales Tax Generation @ 10,000 SF of retail space (proposed)
- Increased retail and commercial space: 10 -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
SF 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. Click here to view SB Friedman's TIF analysis for the Maple Street Lofts project.
Questions or comments about this project? Contact us.