Updated 3/3/2021 9:27 PM
Mount Prospect village board members voted Tuesday to approve the redevelopment of the Prospect Place shopping center, as well as a package of more than $4 million in financial incentives to support the downtown project.
The redevelopment of the property long associated with Keefer Pharmacy calls for the demolition of the current site, bounded by Prospect Avenue, Wille Street, Evergreen Avenue and Route 83.
First Equity Group plans to replace it with a $26.8 million, five-story building housing 80 apartments and about 10,000 square feet of ground-floor retail and restaurant space.
Community Development Director Bill Cooney said the village will contribute up to $3.7 million from the Prospect and Main Tax Increment Financing District toward the project. The village also will waive permit fees and about $350,000 in impact fees.
Downtown Mount Prospect apartment proposal drawing concerns from neighbors A $26.8 million proposal for a five-story apartment and retail development in downtown Mount Prospect is drawing some objections from the site s neighbors, who say it could cause traffic and parking problems. Courtesy of Village of Mount Prospect
A struggling shopping center on the south side of downtown Mount Prospect would be replaced by a five-story apartment and retail development, under a $26.8 million proposal being considered by village officials. Steve Zalusky | Staff Photographer, 2020
Updated 1/19/2021 6:51 PM
A proposed five-story apartment and retail building south of the railroad tracks in downtown Mount Prospect is encountering opposition from its residential neighbors.