Mount Prospect to buy vacant land in Busse Triangle for $1.17 million

As it forges ahead with Phase 1 of the redevelopment of its downtown Busse Triangle, Mount Prospect is working to purchase land for Phase 2 for $1.17 million.

The four properties and a private alley being acquired are currently vacant and are owned by the development group, HB Prospect II LLC, which unsuccessfully attempted to redevelop the site in 2008.

The former occupants of the leveled buildings included a hobby shop and a barber shop. The target area consists of 11,703 square feet.

The redevelopment agreement amendment calls for the village to transfer ownership of one of the parcels to Nicholas and Associates, the developer of Phase 1, the 20 West Apartments, for parking for that project, which is currently under construction. It will yield around 10 spaces.

The remainder would be marketed for development that would complement 20 West, at 20 W. Northwest Highway, within the Busse Triangle, bounded by Northwest Highway, Busse Avenue, Wille Street and Main Street.

The purchase agreement is scheduled to come before the village board on Sept. 4. Meanwhile, on Tuesday, the board will consider an amendment to the development agreement for 20 West that sets the stage for the transaction.

Village Manager Michael Cassady said that the village wants “to control the destiny of the next phase. We own property surrounding these parcels already, so we just want to finish the acquisition.”

20 West will house 73 apartments and a two-story restaurant. When it was approved in March, Nick Papanicholas Jr. of Nicholas and Associates, said, “We feel this is going to be a catalyst to development throughout the downtown area. This site has been probably the most prominent site in Mount Prospect from a visibility standpoint, from commuters taking the train in and out of town, through town.”