Mount Prospect closes deal on vacant Busse Triangle sites
The long-deferred redevelopment of the Busse Triangle in downtown Mount Prospect is closer to reality now that the village board has approved the purchase of five parcels in the triangle for about $1.17 million.
The village is using funds from the new Prospect and Main TIF district to pay for the 11,703 square feet of vacant land, which sits in the triangle bordered by Northwest Highway, Main Street, Busse Avenue and Wille Street.
The agreement calls for the village to transfer ownership of one of the parcels to Nicholas & Associates' LLC, 20 West LLC, which is the developer of the neighboring 20 West project, which includes 73 apartments and an attached two-story restaurant. The developer will use the land for a surface parking lot.
The village hopes to redevelop the rest of the property in conjunction with adjacent land it also owns.
"With this acquisition, the village will now own all the surface parking and green spaces that you see out there (in the Busse Triangle) today," Community Development Director Bill Cooney said.
Village Manager Michael Cassady emphasized that Submarine Express, at the corner of Northwest Highway and Main Street, is not included in the acquisition.
"They continue to be thriving on the corner," he said.