The developer looking to construct a mix of residential and retail space along Prospect Avenue in downtown Mount Prospect held a second open house Oct. 10 at a completed development in Des Plaines, to show the public the various amenities one of the new Mount Prospect apartment buildings will include.
Developer Nicholas & Associates held the meeting at its newly constructed luxury apartment building Buckingham Place on Northwest Highway in Des Plaines.
“The purpose of the open house at that location was to give people an idea of all the amenities that will occur at the eight-story proposed apartment building for Maple Street Lofts, in terms of the individual spaces and overall feel of the community,” Chris Coleman, vice president of development for Wingspan Development Group, a company within Nicholas & Associates, said.
The eight-story building on the former Parenti & Raffaelli architectural millwork property at Prospect Avenue and Maple Street will include an outdoor pool, a club room, community kitchen, fitness center, yoga studio, business center, and a dog spa — all currently offered at Buckingham Place.
Additionally, during the open house, the public was able to tour some of the units, which will look similar to those eventually constructed in Mount Prospect. The eight-story luxury apartment building is expected to consist of 192 units including studios, one-bedroom and two-bedroom.
The monthly rental cost for studio units in Maple Street Lofts is expected to start around $1,600; over $2,000 for one-bedroom units and $2,350 for two-bedroom units.
Coleman said the monthly rental prices for Maple Street Lofts will be about 8%-10% higher than the Des Plaines development.
Between 10,000 sq. ft.-15,000 sq. ft of retail space will also be located on the first floor of the building. A three-level parking structure will be constructed for those residents.
If construction begins in the spring, work is expected to take 15-16 months to complete.
As part of this development, Nicholas & Associates also plans to construct a seven-story luxury apartment building on the other side of the first apartment building. This development would consist of 65 units including studios, one- and- two-bedrooms with similar square footage and pricing points as the other building. Fewer amenities would be available in this building. Construction would take about 12 months to complete.
Around that same time, 66 rowhomes containing two to three bedrooms each, and two-car garages, ranging from 1,900 sq. ft. to 2,100 sq. ft. at the northeast corner of Maple and Lincoln would be constructed. Prices would range from the high $300,000s to the low $400,000s.
According to Coleman, preliminary approval is expected to go to the Mount Prospect Planning & Zoning Commission Thursday, Nov. 8, followed by the village board Tuesday, Nov. 20.
Nicholas & Associates will work on final construction and engineering plans and come back to the planning commision in January for final approval and village board in February.
Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.