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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.

Johanna hubertyBill cooneyPaul hoefertRichard rogersFirst equity groupTransportation safety commissionCommunity developmentMount prospectProspect placeKeefer pharmacyProspect avenueWille streetEvergreen avenueEquity groupDevelopment director bill cooneyMain tax increment financing district