The development at 20 W. Northwest Highway will include 73 apartments and an attached two-story restaurant with rooftop seating, expected to be Mia's Cantina.
"We feel this is going to be a catalyst to development throughout the downtown area," said Nick Papanicholas Jr. of contracting firm Nicholas and Associates, which is leading the project. "This site has been probably the most prominent site in Mount Prospect from a visibility standpoint, from commuters taking the train in and out of town, through town."
"This is going to have a tremendous amount of curb appeal," he added.
The development is expected to generate more than $25,000 in sales and food and beverage taxes annually and more $250,000 in annual property taxes.
Despite winning village board approval, some concerns remain about parking for the apartments. Under the plan, there will be 78 parking spaces, fewer than the 93 required by village code.
However, proponents stay the building's location across from the village's Metra station will draw some residents who don't own a car.
"This is transit-oriented development perfecto," said Chris Coleman, vice president of the Wingspan Development Group, a member of the development team. "You couldn't get closer to the train unless you were on the tracks."
Community Development Director Bill Cooney noted there is a 383-space public parking garage across the street from 20 West, as well as the Metra lot with 143 spaces available weekday evenings and weekends.
Another issue that bears watching is how the development will affect traffic in the alleyway behind Brick City Tavern, at the corner of Main Street and Busse Avenue. Cooney said the village has met with the Illinois Department of Transportation in hopes of changing Busse Avenue from a one-way to a two-way street to address those concerns. He said IDOT thinks the proposal has merit.
Aside from the parking issues, village trustees voiced excitement about the project.
"The development of that triangle has been such a frustration for me," Trustee Michael Zadel said. "This is the kind of thing that will make (Mount Prospect) a destination."