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6301 N. Western Ave. – Monsoon Plaza

Update 11/15/2009: Parking garage opens, then closes
The public parking garage at Monsoon Plaza finally opened for business in early August just ahead of the India and Pakistan Independence Day parades and one week before the start of Ramadan. It seemed like good timing with the additional evening traffic and parking demand the month of Ramadan would bring to the Devon area. Unfortunately, several daytime visits in the weeks that followed found the garage completely empty. As a result of minimal to no usage, the garage is once again closed. The "park here" banner has been taken down and the chain link fence put back in place.

Update 7/7/2009: Parking garage to open soon
Nearly two years after starting construction and several months after substantial completion, the Monsoon Plaza parking garage may be opening soon. Although developer Amrit Patel has so far been unable to attract any tenants to Monsoon Plaza, he is reportedly planning to open the 115-space parking garage in the near future. Patel's Monsoon Plaza development replaces a former 50-space city-owned parking lot. The metered lot had been allowed to fall into disrepair and was underutilized except for overnight parking.

It remains to be seen whether a commercial parking garage is financially viable at this location without the additional demand to be created by Monsoon Plaza and Patel's proposed Nortown Lofts across the street on Western. Without additional businesses on this block, operating expenses are likely to exceed revenue.

Update 9/9/2007: Monsoon Plaza starts construction
More than two years after announcing the project, local developer Amrit Patel is ready to begin construction of Monsoon Plaza, a retail and parking development on the site of the former city-owned parking lot at the northeast corner of Rosemont and Western Avenue. Patel recently completed his purchase of the property from the city for $1.77 million. The three-story structure designed by architects VOA Associates Incorporated will include six retail spaces totaling 9,950 square feet at ground level and two floors of parking accomodating a total of 138 spaces. The cost of construction is estimated at $6.6 million. Financing for the project is being provided by Western Springs National Bank. Although the property is located within the Devon Western TIF district, no TIF revenues are being used to fund the project.

It seemed for a time that the project was dead. City Council approved the sale of the property in December 2005 with the stipulation that the closing take place no later than June 1, 2006. Mr. Patel requested and received two extensions. In February of this year, the Department of Planning and Development advised Mr. Patel that it would not consider any further delay to close on the property beyond April 15, 2007. Despite this final deadline, the redevelopment agreement was not executed until August 16, 2007. The sale has not yet been recorded, but the closing was most likely simultaneous with execution of the agreement. As a result of the lengthy delay, Mr. Patel was able to purchase the property at a price agreed nearly two years ago with no adjustment for appreciation.

Mr. Patel is also the developer of the planned Nortown Lofts on the site of the former Nortown Theater directly across the street on Western Avenue.