Mount Prospect inhabitants elevate rent issues at proposed downtown apartment enhancement

Sirens no more time audio at Mount Prospect’s former downtown hearth and police headquarters.

But people are starting to increase alarms about the absence of mixed-income apartment models in a growth proposed for the vacant property at 112 E. Northwest Highway, on a parcel recognized as Block 56.

On Thursday, the village’s preparing and zoning commission recommended the village board approve the proposal for HQ Residences, named in honor of the former headquarters.

T2 Capital Administration LLC and Harlem Irving Providers prepare to invest in the hearth and police headquarters assets from the village for about $2 million, demolish the current structures and swap them with a 6-story construction providing 88 luxury flats. Programs also allocate 3,500 sq. feet for a sit-down cafe with outside seating.

The petitioner is the same developer that crafted a downtown luxury condominium enhancement, 10 North Major, at Main Avenue and Central Highway.

“This is a textbook transportation-oriented enhancement,” said Tom Lowe, representing the petitioner, pointing out its proximity to the Metra station and downtown facilities.

Lowe reported the flats will be presented at current market premiums.

Resident Linda Waycie requested that some of the residences be specified for combined-cash flow family members as the rent would be way too higher for lots of people today.

“This making is in a TIF district working with community dollars, so combined-profits housing will allow housing for more inhabitants who work below and want the very same option to are living downtown that other folks who can manage greater rents do,” she reported.

Lowe stated month to month rents at 10 N. Key are $1,640 for studios, $1,900 for just one bedroom, $2,780 for two bedrooms, and $3,300 for a few bedrooms.

Neighborhood Improvement Director Bill Cooney claimed the village’s housing stock is 25% inexpensive, such as downtown apartments.

“If there is a housing stock that evidently was understocked, it was kind of much more of the increased-close rental residences,” he claimed.

Cooney claimed until finally the new downtown apartment developments, there hadn’t been a new apartment constructed in the village in approximately 40 many years. He additional, the village is in the method of getting ready an economical housing white paper analyzing existing stock and evaluating it to encompassing communities.

“From my have personal working experience with my daughter trying to find an affordable place to stay in Mount Prospect, she could not do it,” preparing and zoning Commissioner Lisa Griffin stated. “And I do are living on the south end of city. The rents are pretty substantial.”

Commission chairman Joseph Donnelly claimed the concern is not a zoning make a difference and is over and above the scope of the commission.