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posted: 3/14/2018 12:49 PM

Downtown Mount Prospect building boom continues

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  • Park Terrace, a planned 12-unit rowhome development on Elmhurst Avenue, is the latest addition to downtown Mount Prospect's building boom. The $7 million project won village board approval last week.

    Park Terrace, a planned 12-unit rowhome development on Elmhurst Avenue, is the latest addition to downtown Mount Prospect's building boom. The $7 million project won village board approval last week.
    Courtesy of Mount Prospect

 

Mount Prospect's downtown building boom continues, with village board approval last week of a 12-unit rowhome development called Park Terrace.

Richard Bondarowicz of SMART Builders is developing the project, which will include two, three-story buildings with rooftop terraces at 15-19 N. Elmhurst Ave. The buildings will sit behind the village's post office and fulfill a need expressed in the village's strategic plan.

The development is expected to generate $144,000 in annual property taxes on what has been a vacant site for the last decade.

"The project is beneficial in that it further diversifies the housing options available in the village, serves as a buffer between single-family and commercial uses and provides high-end, quality housing for future residents," officials said in an announcement of the project.

The village will provide up to $400,000 in incentives toward the $7 million project. Incentives would include a waiver of up to $80,000 of permit fees; payment of up to $120,000 for the installation of a stormwater detention system, curbs and paving; payment of up to $40,000 by the village for demolition; tree removal; and a payment of up to $100,000 by the village for a sewer extension in the public right of way adjacent to the property.

Village leaders approved the project last week on the same night they endorsed plans for a six-story, 73-unit apartment building at 20 W. Northwest Hwy. The project also will include a two-story restaurant.

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