Mount Prospect poised to buy more land in downtown Busse Triangle
Mount Prospect village board members are scheduled to vote Tuesday on the $1.3 million purchase of four more parcels within the Busse Triangle downtown.
The proposed acquisition would move the village closer to its goal of fully redeveloping the triangle, a key portion of the downtown bordered by Northwest Highway, Busse Avenue and Main Street. A vital part of the redevelopment was the construction of the 20 West project, a six-story building featuring luxury apartments and an attached space for a two-story restaurant with a roof top terrace.
The parcels being voted on Tuesday are owned by Heimbaugh under the name HB Prospect II LLC. They consist of 22 W. Busse Ave., on the north side of Busse Avenue between Wille Street and Main Street; 15 N. Busse Ave. and 19 W. Busse Ave., currently vacant grass lots on the south side of Busse Avenue; and 108-110 S. Main St., a vacant parcel where a two-unit single story commercial building previously stood.
The properties, totaling 11,703 square feet, originally were slated for development by the Heimbaugh Capital Development Corp. in March 2008. But those redevelopment plans never came to fruition after the economy tanked months after the plan won village board approval.
In addition, the village has purchased a private alley space between and south of the 15 and 19 W. Busse parcels.
Today the properties are vacant and covered by either grass or pavement, but the village is eyeing them for future development. By owning the properties, the village gains more control over their development, Mayor Arlene Juracek said Sunday.
"These are the last remaining parcels that the Heimbaugh corporate owners still own," Juracek said. "We're picking them up so we have control of the last remaining parcels on the triangle."
A lot still needs to happen before there is any development activity, she added.
For now, Juracek said, the village's focus is on addressing parking and traffic in the area, as well as 20 West, which has yet to announce a restaurant tenant.
"We are just going to have to see how the marketplace shakes out," she said.