Vacant Bank to be Completely Redeveloped in New Plans

A longtime vacant bank in Lake View will soon be leveled to make way for a brand new retail building just one block north of the upcoming City Target.

Developer Newcastle Limited is partnering with Cushman and Wakefield to construct and rent the roughly 25,000-square-foot building slated for 3301 N. Ashland Ave. A former Bank of America stands empty at the site now.

The space is expected to be a single story with three retail tenants, according to a real estate listing. There will also be more than 50 parking spaces on the rooftop.

And while the building sits just across the street from Whole Foods, development renderings suggest the largest tenant space—which is nearly 16,000-square-feet—could be a grocery store.

Representatives with Cushman and Wakefield did not return Patch’s multiple calls and emails regarding what tenants they plan to target. Other examples in the rendering include a shoe store and coffee shop.

Newcastle Vice President Brennan Hitpas told DNAinfo Chicago says he hopes to start construction on the project in spring, and while his team hasn’t secured any retailers yet, they could be anything from a restaurant to clothing store.

Real estate plans say crews hope to finish the project sometime in the summer or fall of 2014.

It will likely be a hot piece of property considering the new Target store planned just a block south at Lincoln, Ashland and Belmont avenues. Representatives with Ald. Tom Tunney’s office told Patch Target officials hope to come back with updated designs by the end of September.