THE JOURNAL & TOPICS NEWSPAPERS | FRIDAY, MAY 2, 2008
Small Changes In Triangle Plan
By RICHARD MAYER
Journal Reporter
Prior to possible approval this Tuesday, modifications have been made by the Heimbaugh Capital Development Corp. to its $40-$45 million residential/retail plan for the Mt. Prospect's downtown triangle.
According to Director of Community Development Bill Cooney, original plans have been modified to supply more public parking.Cooney said the 105 condo units were scaled back to 97 making room for 126 public parking spaces in the design plans.
Additionally, a penthouse planned for the top floor of a six-story mixed-use structure that would be constructed at the corner of Northwest Highway and Main Street will now only be used for maintenance purposes, according to Cooney.
The two-acre project, bounded by Busse Avenue, Main Street (Rte. 83) and Northwest Highway, originally called for two seven-story mixed-use structures that would consist of 105 condominiums and approximately 35,000 sq. ft. of space for retail and restaurants. A 268-space parking garage would also be constructed. There were originally 101 available public parking spaces available.
The proposal includes an internal plaza that would provide "unique" outdoor dining opportunities and an area for public gatherings. In addition, plans provide for several private landscaped roof terraces and rooftop gardens.
According to Chicago-based OKW Architects Principal Architect Michael Fitzgerald, the buildings would be constructed out of glass and brick. He said the buildings would take shape in a staggered form so natural light and privacy can be provided for future residents.
The village's financial contribution for the project has numerous components that include:
* The village will contribute the land it currently owns, 6 and 12 W. Northwest Hwy., 20 W. Busse Ave. and the parking lot at the southwest corner of Busse Ave. and Main St.
* The village will vacate the Busse Avenue right-of-way between Wille and Main streets and a portion of the Wille Street right-of-way adjacent to the site and contribute it to the project.
* The village will acquire and contribute the Curtis, Meeske and now-owned Meersman properties. The village is currently involved in condemnation issues and eminent domain proceedings with the first two properties.
* The village is creating a Business Improvement District for that area, which would allow an additional 1% sales tax on sales in that district. Therefore, the total contribution is estimated at $9.5 million.
* Lastly, the village will not transfer ownership of its properties until the developer has obtained senior financing on a construction loan for phase one. The developer will be required to have between 30%-50% of pre-sales of the residential units before they could obtain that financing. Therefore, the village would not transfer its properties until the project is "clearly" moving forward.
According to Heimbaugh, the project would generate approximately $12 million in volume within one mile from the site and $30 million within three miles.
The Planning and Zoning commission approved the plans 3-1 at the end of March.