One of the new luxury apartment complexes shaping downtown Mount Prospect has a new owner and a new name.
The Maple Street Lofts now is owned by Chicago-based TLC Management Co., which has renamed the six-story, 192-unit complex the Top of the Mount Apartments.
The Wingspan Development Group, which is owned by the Papanicholas family, sold Maple Street Lofts to Stuart Handler, CEO of TLC Management for $60 million, according to Hannah Pisani, spokesperson for Wingspan.
The sale did not include the ground-floor retail space occupied by Angelo Caputo’s Fresh Markets, she said.
Last year, the Maple Street Lofts, at 207 S. Maple St., along with two other downtown properties owned by the Papanicholas family — the 20West building at 20 W. Northwest Hwy. and The Dawson, at 235 E. Prospect Ave. — were being marketed as a “Mount Prospect Portfolio: Multifamily Trio.”
Pisani said The Dawson and 20West were not part of the transaction with TLC.
“At TLC Management, we are committed to providing exceptional living experiences. The acquisition of Top of The Mount Apartments aligns with our mission to offer high-quality, amenity-rich communities that residents are proud to call home,” according to a TLC post on LinkedIn.
Earlier this month on Facebook, it posted about the apartment building’s modern finishes, resort-style pool and hot tub, pet spa and bark park, 24/7 fitness and yoga studio, direct access to Caputo’s and proximity to Metra trains.
TLC is listing apartments at Top of the Mount ranging from one-bedroom units starting at $2,091 and going up to $3,526 for two-bedroom units.
According to its website, “Since 1996, TLC has been dedicated to delivering everything apartment living should be,” with more than 30 owned-and-operated properties throughout Chicago.
Top of the Mount is TLC’s second Mount Prospect property, the other being Forest Cove, at 1706 Forest Cove Drive.
Pisani said members of the Papanicholas family were not available for comment.
However, Nick Papanicholas, Jr. said in a statement last year, “We’re extremely proud of all our developments in Mount Prospect but especially what we’ve been able to bring to the village’s downtown.”
“We’d be happy to hold these properties for the next generation of our family,” he added. “If someone else purchases them, which isn’t a guarantee, they will be buying some of the best developments in suburban Chicago.”
Papanicholas currently has another building under development at 104 E. Northwest Highway.
The village board approved the Maple Street Lofts in 2019.
To help facilitate the project, the village used $3 million in tax increment financing funds to reimburse a long-standing woodworking company, Parenti & Raffaelli Ltd., as it relocated from the current site of Maple Street Lofts to the Kensington Business Center.
In 2020, the village approved an agreement granting more than $1.5 million in financial incentives to allow for the build out and operations of a Caputo’s.
As the village initially considered the project, it faced opposition from residents who objected to the height of the buildings, the number of apartments, the possibility of cut-through traffic through residential neighborhoods and the potential impact on property values.
Papanicholas responded by saying “This project will transform our downtown. In our 42 years of being involved in construction and development work, we have never worked so long and so tirelessly to craft a perfect project.”
