Mount Prospect approves Lake Center Plaza expansion

Broadway is coming to Wall Street.

Elk Grove Village-based Broadway Electric Inc., a full-service electrical contractor, is moving to Lake Center Plaza, at the northwest corner of Algonquin Road and Wall Street, in Mount Prospect.

It will be joined by Cornerstone Contracting Inc, a general contractor specializing in large-scale federally funded projects.

It is part of an expansion on the 35-acre property at 500 W. Algonquin Road, which was approved by the village board Wednesday. The village has already recommended a property tax incentive to Cook County, with the condition that Broadway Electric get approval by June.

Plans include renovating the existing 22,135 square foot office/warehouse and building a new 5,500 square foot warehouse.

Founded in Chicago in 1984, Broadway Electric moved to Elk Grove Village in 2004. Its work with private companies, public agencies and federal clients across the country included a project to replace existing emergency and standby generators at O’Hare International Airport.

The business currently employs 83 full-time staff, including 46 employees who will work on-site at the Mount Prospect location.

“We wanted to stay local,” said John Batson, senior project manager at Broadway Electric/Cornerstone Contracting. “This property became available to us and it had the space we wanted. The parking is definitely a plus.”

Katarina Karac, attorney for the property owner, AGL 500 West LLC, also said the land use was a perfect fit.

“It’s very hard to find properties that have office and warehouse and are zoned for that,” she said.

The building dates back to the late 1980s. It was once occupied by Mutoh America, a drafting machine and wide-format printer manufacturer.

The development will take place on a south side that is rapidly becoming an industrial hub.

“For the south side, this is perfect,” Mount Prospect Trustee Vince Dante said, who praised the amount of investment on the property and its beautification. “It goes hand in hand with what we were doing on the south side.”