The reconstruction of the Washington Park National Bank has been approved by the Chicago City Council. Albert Schwartz designed the bank building, which is located on the southwest corner of E. 63rd St and S. Cottage Grove Ave, in 1924. The redeveopment, led by DL3 Realty, will save two of the building’s faces after the structure fell into ruin.
The project, designed by bKL Architecture, would make the abandoned building into a new 6-story mixed use structure with 72,000 square feet of area. The building will comprise Class-A office space, ground level retail space, coworking space and a food hall once finished. Located adjacent to the Cottage Grove CTA Green Line station, the building will include zero parking spaces.
The building will have no parking spots and will be located next to the Cottage Grove CTA Green Line stop. The 99-year-old building’s limestone façade will be maintained and refurbished, while the rest of the structure will be dismantled and rebuilt owing to roof, water, and masonry deterioration, among other hurdles. Previously, the developers intended to destroy the entire structure. A construction timeline is yet to be established. However, they hope to finish by 2025, according to Leon Walker, managing partner of DL3 Realty.
Previous plans for the Washington Park National Bank
The developer had intended to destroy the structure as early as early 2020 to make room for an entirely new skyscraper. The Cook County Land Bank Authority, which owns the building, objected to the idea and persuaded the developer to reconsider their plans to preserve it.
Furthermore, the project is moving forward with this authorised zoning modification thanks to a $5 million Community Development Grant. The site will be rezoned from B3-3 to B3-5 with City Council approval.