Mount Prospect is seeking developers to redevelop the former Chase Bank property at 111 E. Busse Ave. Brian Hill/[email protected]

Mount Prospect is moving forward with plans to redevelopment of the former Chase Bank property at 111 E. Busse Ave.

The village is now seeking qualified developers to revitalize the property by issuing a Request for Proposals.

Proposals will be evaluated based on the quality of the development concept, experience and qualifications of the development team, financial feasibility, and compatibility with the village’s long-term planning goals.

The proposal deadline is July 11.

The village closed on the 2.15-acre site on May 14. The property had been tied up in years of litigation involving a previous owner before a judicial deed was issued, giving the village clear title.

“Securing control through the purchase of the property at 111 E. Busse, the former bank building, is another significant step forward that allows us to proactively guide its redevelopment in a way that adds true and lasting value to our community,” Mayor Paul Hoefert said.

To keep stakeholders informed, the village has created an information hub on its website at www.mountprospect.org/111BusseRFP. The website includes in-depth details on the property and planning process and provides access to the Request for Proposals documentation.

The full RFP and submission requirements are prominently displayed for interested parties.

“The Village is eager to review the development proposals generated by our RFP process,” Hoefert said.

Residents had an opportunity to weigh in on what they would like to see on the property at a March 11 workshop meeting.

“I look forward to seeing concepts that incorporate the valuable comments by our citizens as to what they would like to see there and bring a creative and unique project to this parcel.”