Vacant medical office building in Mount Prospect could turn into apartments

A vacant 1970s-style medical office building just west of the Union Pacific tracks on Central Road in Mount Prospect has been awaiting redevelopment for two years.

Recent action by the Mount Prospect village board has given the project a new lease on life.

Trustees on Tuesday approved extending the zoning approval granted in 2022 for a proposed apartment development at 500 W. Central Road.

The board originally gave then-owner Thomas Budzik permission to convert the three-story, 25,000-square-foot office building into 20 apartment units. The zoning approval was scheduled to expire this month.

Budzik has since sold the property to OJ Isak, who plans to finish the project.

Renovation plans for the building include new horizontal and vertical aluminum siding, new landscaping, a park on the east end of the property, a walking path and new outdoor lighting.

The zoning extension lasts for six months.

Community Development Director Jason Shallcross said the village was first approached about redevelopment in 2015, when the building began losing tenants.

It was fully vacant by 2020.

Isak told trustees the mix will include 16 two-bedroom apartments, two one-bedroom apartments and two studios.

He will assess the market at the time of completion, but is anticipating monthly rent of $2,500 for the two-bedroom units and $2,000 to $2,200 for the one-bedroom units.

The village is providing financial assistance by waving up to $150,000 in building permit and inspection fees.