Another project for Mount Prospect's downtown triangle?
The developer behind a recently approved six-story apartment building on the Busse triangle property in downtown Mount Prospect says he's "cautiously optimistic" about acquiring more land there to build a second development.
Nick Papanicholas Jr. of Nicholas & Associates made the remarks Tuesday as Mount Prospect village trustees unanimously approved giving up to $2 million in incentives to his $23.5 million 20 West project.
The development at 20 W. Northwest Hwy. will feature a 73-unit apartment building and attached two-story restaurant, expected to be Mia's Cantina. It sits within the triangle area between Wille Street, Northwest Highway, Main Street and West Busse Avenue.
Papanicholas said he is seeking to acquire surrounding property in the triangle for parking and possibly other projects.
"We're already looking to the next phase," he told village trustees. "We need those acquisitions to happen for that next phase to happen. At a minimum, it will provide parking. At the maximum, a whole second phase to a redevelopment."
Trustee William Grossi said a second project could spur even more development around downtown.
"It would get things rolling, and I think you would get a snowball effect going," he said.
Funding for the 20 West incentive plan comes from a recently created tax increment finance district, where property taxes above a certain point are funneled into redevelopment rather than local governments. The package includes up to $915,000 in fee waivers, up to $280,000 in paving costs, up to $260,000 in utility costs, up to $300,000 for the removal of non-contaminated soils, and up to $145,000 in streetscape improvements.
Trustees on Tuesday also authorized a $460,000 incentive package with the developers of the $7 million Park Terrace rowhome project at 15-19 N. Elmhurst Ave., just north of the post office property. The package includes a waiver of up to $80,000 in permit fees; up to $120,000 for installation of stormwater detention, curbs and paving; up to $100,000 for a sewer extension; up to $60,000 for water, sewer and utility work; and up to $60,000 for architectural, engineering, legal, financial and planning services.
"The agreement here is the result of many negotiations to try and make this an economically feasible project," Community Development Director William Cooney said.
Mayor Arlene Juracek said the project is an illustration of kind of the juggling act local governments face.
"The importance of the TIF is to allow something that is of better character to the community," she said.