What's ahead for downtown Mt. Prospect

With the economy still slow, there won't be a flurry of redevelopment activity in downtown Mount Prospect this year.

Village officials do expect a few projects to get under way, though, starting with a thorough study of the downtown.

The village has secured a grant from the Regional Transportation Authority for the study, which will look at such issues as new transit options for cars, bikes and people; the viability of key downtown parcels; and what Mount Prospect residents want to see in their downtown.

The Lakota Group of Chicago will be leading the study, and village officials expect the process to get under way as early as June.

“There will be multiple public hearings and discussion on this,” Community Development Director Bill Cooney said. “It's important because we haven't done a comprehensive study for nearly 10 years.”

Other projects that might begin in 2012 or 2013 include:

Ÿ Renovation of the downtown commuter train station: Cooney said the village would like to do some rehab work on the station and then bring a new commercial tenant inside — probably a coffee shop. The project depends, though, on getting funding help from Metra and Union Pacific.

“They seem to be on board with the concept, but we don't have any funding deal in place. We'd love to start on that this year if we could,” he said.

Ÿ Resumption of the row-home project on Emerson Street: Founders Row, a development of upscale row houses across the street from the Mount Prospect Library, stalled last year and went into foreclosure. Only seven of 14 planned units have been built, and only two of those seven are occupied.

Cooney said the development has been purchased at auction, but he hasn't heard from the new owner.

“I hope to hear something soon,” he said. “It would be great to get that going again.”

Ÿ Central Plaza: Looking ahead to 2013, Cooney said the village might see some changes at this small shopping area at Central Road and Route 83. The property has long been a target for redevelopment.

“I don't see anything happening this year, but there are some signs of movement. We might see something next year,” Cooney said.