Mount Prospect OKs new downtown apartment building
For three years, the former Central Plaza property in downtown Mount Prospect has sat vacant, awaiting redevelopment.
That wait ended this week, when the village board approved zoning for a new five-story, 97-unit apartment building on the northwest corner of Main Street and Central Road.
Trustees also approved an agreement with First Equity Acquisitions through which the village, which owns the property, will sell the site for $650,000 and waive $325,000 in permit and impact fees.
Mount Prospect Community Development Director Bill Cooney said the property, which sits within the village's Prospect & Main tax increment financing district, eventually will generate $300,000 in annual property taxes.
The board's vote came during an occasionally contentious meeting, as residents who live nearby raised concerns about obstructed views as a result of the building's 71-foot height and increased traffic.
"Your job is to protect the residents, not a developer who is looking to get rental units," said resident Brad Tomky.
Trustees expressed sympathy, but only one, Eleni Hatzis, voted against the development agreement. Hatzis, who lives west of the property, said she understands the concerns about the building's height and its impact on residents' privacy.
Others, however, said the project is important to revitalizing the village's downtown.
"This is a downtown gateway project," Trustee Colleen Saccotelli said. "It has been a long time coming."
According to village documents, the building would include a 900-square-foot indoor amenity area on the fifth floor, a 1,300-square-foot rooftop terrace and 130 parking spots.
The apartments will go up in the site of what was once a 26,500-square-foot shopping center that featured an A & P grocery store. The center fell into decline and was torn down by the village, which spent roughly $700,000 on demolition and environmental remediation before finding a developer.
"We had a building that was primarily vacant on that corner," Cooney said, adding that the apartments will benefit existing businesses by adding residents downtown.