New Mt. Prospect developments moving ahead despite economy

Despite the uncertain financial outlook of the nation and the entire world, Mount Prospect village leaders presented an optimistic picture of their little segment of the economy Thursday morning at the village's third annual economic development breakfast.

More than 100 local business and government leaders gathered to hear Community Development Director Bill Cooney discuss new economic initiatives the village is pursuing.

"When you open the papers or turn on the Internet, everything looks pretty bleak," said Cooney. "But I am out in the community every day and while I know that some of you are struggling, overall 2008 has been a good year for businesses in Mount Prospect and I feel 2009 and 2010 have the potential to be even better."

Casto Lifestyle Properties' redevelopment of Randhurst Mall into Randhurst Village began with the closing of the mall stores as of Oct. 1. Interior demolition and asbestos removal will proceed through the end of the year and then early next year the visible demolition of the mall will occur, Cooney said.

The plan calls for the new Randhurst Village to open during the second quarter of 2010, featuring 200,000 square feet of new retail, in addition to the anchor stores of Bed, Bath and Beyond, Carson's and Costco, which remain open during construction.

A new 16-screen theater will be built to the east of Carson's and at the end of a new street which will be cut diagonally through the center of the property. The street will be lined with two-story buildings featuring retail on the first floor and office space on the second floor.

A 120-room, four-story hotel is proposed, and several national restaurants - whom Cooney did not name - are expected to relocate to the area where the Egg Factory restaurant recently closed.

Plaza spaces and an active open-air entertainment area with a stone fireplace for use during the cooler months is also planned for the complex and there will be parking on the street directly in front of the smaller stores.

"We expect a higher value retail client at Randhurst Village than we had at Randhurst Mall," Cooney said. "So we believe that the Randhurst Village improvement will provide not only a significant benefit to that property, but to the whole Rand Road corridor. I have already received calls from several prospectors asking about properties in the area so we feel there is a very good possibility that we will be able to capitalize on this area in the near future."

The old Ramada Inn on Rand Road is in the midst of a total redevelopment and when it opens it will fly the Holiday Inn flag, Cooney said. The new owner is investing $4 million in the renovation and is transforming it into a state-of-the-art hotel which will be positioned to supplement the new Randhurst Village.

Cooney touched on other areas of Mount Prospect - including the possible teardown of Central Plaza at Central and Route 83 "which has been an eyesore for a lot of years," he said.

"It will likely be redeveloped as a purely retail space."

Elsewhere downtown, the small triangle bounded by Northwest Highway, Route 83 and Busse Avenue has been approved for 97 condominiums, 32,000 square feet of retail and restaurants and a 291-space parking garage. A plaza for outdoor dining and events is also in the plans.

"We hope to begin that project in late 2009 but, of course, we are dealing with the realities of getting financing for a project like this," Cooney said. He said the project is unlikely if the market doesn't improve.

"Today you need to have 50 percent of your project presold before the financing entities will allow you to break ground," he said.

Cooney also touched upon Walmart's yet-to-be approved plans for an expansion of their store at Mount Prospect Plaza. If that goes forward, he said, they will shut down the Mount Prospect store in February and spend about six months gutting it and transforming it into a Super Walmart with a drive-through pharmacy.

"I think that it is a very positive thing that Walmart is reinvesting in Mount Prospect," he stated.

Two new warehouse properties on the south end of Mount Prospect was also discussed. Property which has always been vacant, or been vacant for many years, is now being built on, and it is absorbing some companies displaced by the O'Hare expansion.

Mount Prospect is also poised to take advantage, long-term, of the Star Line expansion of the Blue Line from O'Hare to Hoffman Estates and beyond, if that occurs. Cooney said there have been discussions with the planners for putting a station near Busse Avenue and I-90.