HomeMy WebLinkAbout3.1 Discussion regarding visions for redeveloping the property at the South East Corner of Busse Avenue and Emerson Street (111 E. Busse Ave).M+awn �'xyt�lts�=e
Item Cover Page
Subject Discussion regarding visions for redeveloping the property at
the South East Corner of Busse Avenue and Emerson Street
(111 E. Busse Ave).
Meeting March 11, 2025 - VILLAGE BOARD WORKSHOP
Fiscal Impact
Dollar Amount
Budget Source
Category
Type
Information
OF THE MOUNT PROSPECT COMMITTEE OF THE WHOLE
N
•:. W. •'
Presentation
Staff is seeking input from the Village Board on key elements to consider for the
redevelopment of the recently acquired 2.15-acre property located at the southeast corner of
Busse Avenue and Emerson Street, also known as "111 Busse Ave" or the "Busse and
Emerson Site."
Discussion
Existing Site Conditions
The site currently consists of a vacant six -story office building totaling approximately 70,889
square feet, along with a large surface parking lot. Given its prominent location in Downtown
Mount Prospect, this property represents a major opportunity to create a new development
that will enhance the community.
Staff Request
Staff is requesting input from the Committee of the Whole regarding key elements to consider
including in the forthcoming Request for Proposals. This includes their preferences for:
• Demolition vs. reuse of the existing office building
• Architectural character / Neighborhood Character
• Building height
• Residential unit types
• Commercial space
• Public Open Space / Plaza / Park
• Natural Features / Sustainability & Adaptability
• Transit -Oriented Development / Mobility / Parking
Feedback from the Committee and public will contribute towards redevelopment proposals
meeting community expectations and support Mount Prospect's ongoing downtown
revitalization efforts.
Alternatives
1. Staff is seeking general guidance from the Village Board and the public regarding the
future redevelopment of 111 E. Busse Ave.
2. Discretion of the Village Board.
Staff Recommendation
Staff is seeking general guidance from the Village Board and the public as staff will be working
towards finding an experienced transit -oriented development partner for the property.
Attachments
1. RFP - Busse and Emerson Site Presentation FINAL (003)
Busse and
Emerson Site
Redevelopment Input
RFP Submittal Requirements
1. Transmittal Letter and Executive Summary
2. Description of Development Team
I. Narrative describing roles
II. Resumes
3. Organizational Chart / Diagram
I. Contact names / addresses / titles
4. Financial Information about the Lead Developer Entity
I. Letters of interest, partners
II. Information on previous legal action
RFP Submittal Requirements (Cont'd)
5. Development Program & Operations
I. Project Program
II. Project Schedule
III. Project Assumptions
IV. Marking/Leasing Plan
V. Management Plan
• i •' . • .
•
II. Pro Forma
III. Source of Funds
7. Purchase Price &Village Assistance (if any)
RFP Evaluation Criterion
1. Completeness of submittal.
2. Project design quality and achievement of Village objectives
for the property.
3. Demonstrated financial resources.
4. Status of legal actions involving any team member or
associated entity of the development team.
5. Financing commitments.
6. Overall fiscal benefits to the Village.
7. Land price.
Site Overview
• 2.15-acre property at Busse & Emerson.
• Includes:
• Zoned B-5C Core Central Commercial
• Vacant six -story office building (70,889 sq. ft.)
• 6 drive -through lanes with canopy
• Surface parking lot
• Roof top lease for cellular tenant expires in 2065.
M V 71 nF, TF =,F,
Parking
• Emerson Street Parking Deck
• Busse Avenue Lot
• West Commuter Lot
• Witte Street Lot
• East Commuter Lot
• Maple Street Parking Deck
M V 71 nF, TF =Irl
Parking
• 2018 Downtown Parking Study Findings
• 2,535 downtown public parking
sta Its
• 1,986 downtown private parking
sta Its
• Northeast quadrant contains 42%
of all public stalls (1,000+ stalls
tota l)
• Public parking was never more than
62.5% occupied
• Study is being updated this year
Site Planning History
Downtown Implementation Plan (2013):
• The largest office property in Downtown
• Corner pocket park (A)
• Enhanced parking and circulation (B)
• Busse Avenue `Pedestrian Promenade' (D)
Proposed
Timeline
• RFP release
• March 28, 2025
(pending closing)
• Responses due
• May 28, 2025
• Candidate Interviews
• June 2025
• Developer selection
• July 2025