Mount Prospect buys portion of Busse Triangle for $1.17 million, will give some to developer
Mount Prospect is buying four vacant parcels in the village's downtown for $1.17 million, and then turning over a portion of the land to the developer of an upscale apartment building for use as a parking lot.
Village trustees this week approved an amendment to the 20 West project, setting the stage for the purchase of the four parcels and a private alley, totaling about a quarter acre, in the “Busse Triangle” bordered by Northwest Highway, Busse Avenue and Main Street.
The village will market the remaining land for future redevelopment of the long-moribund downtown site.
“By acquiring the properties, the village gains control over the future development of this land, particularly due to the location of these parcels being immediately adjacent to properties owned by the village,” a memo to village trustees reads.
The parcels were bought more than a decade ago by HB Prospect II LLC, which in 2008 struck an agreement with the village to redevelop the site. Those plans never came to fruition and the company no longer wants to develop the property, according to village documents.
“I'm personally happy that that didn't go forward and this has gone forward, because this is far better than that ever would have been,” Trustee Paul Hoefert said Tuesday.
Mayor Arlene Juracek pointed out that Brick City Tavern and Ye Olde Town Inn buildings are not part of the discussion, being part of private entities. Nor is the submarine shop at the corner of Northwest Highway and Main Street.
She said the individual parcels on their own were too small for redevelopment, but that now changes with their consolidation.
“I think this is a good thing, because it does consolidate all those properties,” Trustee Richard Rogers added. “It gives us control of what's going to happen there in the future. This is really at our front door right here in the downtown section, and I think it's important that we control that space.”
The land turned over to 20 West developer Nicholas and Associates will provide space for about 10 additional parking spots. The 20 West development, approved by village trustees in March, calls for a six-story apartment building and Mia's Cantina restaurant on the western portion of the Busse Triangle. Trustees approved the plan with 78 parking spaces, 15 fewer than normally required under village code.