Starbucks, Subway moving to new Mt. Prospect location

Caribou Coffee, formerly at the corner of Northwest Highway and Emerson Street in Mount Prospect, is gone and much lamented by many.

However, by the end of January, a familiar name in coffee is expected to open up in the vacant space.

Starbucks Coffee is moving from its current location at 100 W. Northwest Hwy. In addition, its neighbor at 102 W. Northwest Hwy, Subway, also is moving. Subway will occupy a neighboring space — formerly containing a bank — in the building containing the “new” Starbucks.

Both Starbucks and Subway will receive reimbursement from the village for some of the remodeling costs.

At its most recent village board meeting, Mount Prospect trustees, as part of their consent agenda, approved a request from Starbucks for a $10,000 reimbursement from the village for facade improvements and interior build out.

The $10,000 represents only a fraction of the cost, Community Development Director Bill Cooney said. “They are spending $450,000 on the project.”

Cooney said the village annually budgets $60,000 for the reimbursement program out of its downtown tax increment finance district funds. In a TIF district, extra property taxes generated by redevelopment are used to pay some of the redevelopment costs. Only businesses in the TIF area are eligible for the money.

Restaurants are eligible for up to $25,000, while other retail operators are eligible to receive $10,000, he said. As a restaurant, Subway will qualify for the $25,000 reimbursement.

Cooney said there are no candidates yet to fill the vacancies soon to be left by Starbucks and Subway.