Mount Prospect pivots in search for developer of former Chase building

Mount Prospect is shifting gears in its search for a developer to revamp the site of the former Chase Bank building.

The village has issued a Request for Qualifications seeking an experienced partner to redevelop the building at 111 E. Busse Ave.

Mount Prospect bought the 71,000-square-foot downtown office building last year for $5 million, rescuing it from a legal quagmire resulting from an ownership dispute.

But efforts to find a developer stalled after the village issued a Request for Proposals for the 2.15-acre property in May.

After reviewing the responses, the village board determined the proposals did not sufficiently deliver the mix of uses and development components they were seeking for the six-story structure.

Now they’re pivoting to a qualifications-based approach.

“The RFP process did not produce proposals that met the goals of the village board nor the citizens who provided input,” Mount Prospect Mayor Paul Hoefert said.

The new approach, if it succeeds, will find a partner with experience in for-sale residential development, adaptive reuse of buildings for residences, mixed-use development, and the development and leasing of high-quality restaurants, retail, entertainment and similar commercial destinations.

“The initial RFP process provided valuable information about the opportunities and challenges associated with redeveloping this property,” Village Manager Michael Cassady said. “The RFQ allows us to focus first on selecting a partner and then working collaboratively to develop the right project for the site.”

The new process does not require respondents to submit a final development proposal, purchase price, detailed finances or specific request for village financial assistance.

Respondents will instead be evaluated primarily on their relevant experience, conceptual approach, financial capacity, development team and demonstrated ability to successfully execute comparable projects, officials said.

They also must submit a conceptual site plan.

Village officials’ goal is to enter into a predevelopment and/or exclusive negotiation period. During that time, they and the developer would work together on issues such as construction alternatives, project economics, potential users and financing.