Retail/residential development could replace Mount Prospect shopping center

The next step in the remaking of downtown Mount Prospect could be the construction of a new retail/residential development on the site of the Prospect Place Shopping Center, south of the railroad tracks.

Community Development Director Bill Cooney said Thursday he expects a proposal for tearing down the shopping center in the 0-100 block of West Prospect Avenue. and replacing it with a building featuring ground floor retail uses and residential units on the upper floors.

It would complement other recent developments in the downtown, including the 20 West and Maple Street Lofts projects.

"We expect to have plans submitted by probably early November," Cooney said during Thursday's meeting of the village's Economic Development Commission.

The location, on a block bounded by West Prospect Avenue, South Main Street, West Evergreen Avenue, and South Wille Street, is the former longtime site of Keefer's Pharmacy. Other businesses include Al's Shoe Service and Nikki's Hair Salon. Another business, Sahara Window & Doors, recently vacated the shopping center.

The remaining tenants have met with the village, Cooney said.

The proposal is coming from First Equity Group, which spearheaded the 10 N. Main St. development on the former Central Plaza site, according to Cooney. The developer has a contract for the Prospect Avenue property.

"It will be more similar to what is at 20 West, because it will have retail and restaurant space on the first floor," Cooney said of the expected proposal.

Officials expect the proposal to include 12,000-15,000 square feet of retail space. Since plans have not yet been submitted, it is not clear how many stories the building would be, Cooney said.

The matter could go before the village's planning and zoning commission in December.