Palatine exploring redevelopment of village-owned land downtown
While rejecting seven proposals for possible redevelopment of a section of downtown Palatine, village officials say they plan to continue talks with one of the companies that already owns a building in the area.
Deputy Village Manager Michael Jacobs said requests were sent late last year for redevelopment ideas for roughly 2½ acres downtown, land that includes 209 municipal parking spaces, a vacant 2-story office building and a portion of Wilson Street.
Owned by the village, the site basically is bounded by Smith Street on the west, Slade Street on the south, Greeley Street to the east and railroad tracks on the north.
All seven of the proposals received by the village had variations of residential development, such as row homes and apartments. Some also offered retail, office and restaurant possibilities.
In rejecting the seven proposals at a meeting Monday night, the Palatine village council agreed talks should continue with Northbrook-based Q2 Real Estate, owner of the BMO Harris Bank and office building at 50 S. Brockway St., just east of the site in question.
Jacobs said it's hoped the discussions begin after Labor Day with Q2, which floated the idea of building apartments, a drive-through bank, 17,500 square feet of retail space and a parking deck. The village wants to maintain as much public parking as possible if redevelopment occurs, Jacobs said.
Village Manager Reid Ottesen said good ideas resulted from seeking the development proposals and other opportunities for the 2½ acres could be created.
"You could see some of the original submitter companies coming back ... as part of a joint venture or something," Ottesen told the village council.
Councilman Brad Helms, whose District 6 includes downtown, said he may want to hold a meeting with residents there to "kind of get their feel" on potential development.
Palatine Street Fest will be on the property this weekend. It also is the location of the annual Oktoberfest hosted by the Rotary Club of Palatine.