Mount Prospect closes on Chase Bank property

The former Chase Bank property officially is in the hands of the village of Mount Prospect.

Village Manager Michael Cassady confirmed the village has taken clear title to the property at 111 E. Busse Ave. The village board voted in February to buy the property, including the six-story office building, for $5 million.

Cassady said the village’s goal is to get the request for proposals from developers as soon as possible.

Now the question is what will happen to the vacant property, considered both an eyesore and a tremendous redevelopment opportunity in the downtown.

“I’m open to a little bit of green space there, parking definitely, and whatever the market will hold regarding the rest of the development,” Trustee John Matuszak said.

Matuszak said he will listen to proposals for a reuse and a rebuild, but at this moment he favors a teardown of the vintage office building.

“I would like to see the building torn down,” Trustee William Grossi said.

Grossi said he would like to see a small amount of green space and parking, “but it's going to be mostly apartments, I believe, because we have to justify spending the money.”

Residents already had an opportunity to share their vision at a meeting in March.

B.L. Pellicore, a resident who lives near the former Chase Bank building, was among those who spoke at the meeting. She said two-way communication between officials and residents will be important in the property’s development.

“My main goal is that whatever is developed is based on proven, actual feedback from the majority of our community,” she said. “What people made very clear, they don’t want is another tall condo building with (retail) at the bottom. No more concrete.”

Trustee Colleen Saccotelli said she enjoyed hearing from residents and is anxious to see the results of the request for proposals.

“I want something that will help draw people to the downtown and help make it a destination for both our residents and surrounding communities,” she said. “I think it’s really important to have green space there, especially for our festivals.”