Plan to reshape Block 56 in downtown Mount Prospect coming next week
Plans for a four-story complex featuring residential, retail and entertainment components on a key block in downtown Mount Prospect will be presented to village board members next week.
The proposal, if approved, would reshape Block 56, which currently includes the Chase Bank property as well as the downtown fire and police station.
Village Manager Michael Cassady said village staff and representatives from developer Greystar will present their vision for the block to the village board at Tuesday's committee-of-the-whole meeting.
Cassady said Charleston, South Carolina-based Greystar has not been officially hired yet to redevelop Block 56.
"They were one of the firms that submitted a proposal, and the staff is recommending that we move forward with them," he said.
While there is no official price tag associated with the development, Cassady said "it's certainly pushing $100 million."
Next week's presentation is expected to include a site plan, elevations and renderings for the proposed building.
If constructed, the development will mark another milestone in the makeover of the downtown, which already has seen the opening of the 20 West apartments and awaits the completion of the Maple Street Lofts.
"We have had some great projects, and this one is also another one that will be transformative to our downtown," Cassady said. "This is a really key block, and I think they have put together a design that's considerate of the neighborhoods to the east and just continues to build on our downtown vision."
The development process likely will take two or three years, including demolition of the fire and police stations. New fire and police stations are under construction.