Always looking for examples of historic reuse as well as certain property type reuse (like banks, movie theaters, bowling alleys, etc). Saw this on facebook tonight. Seems like a steal @ $26 psf despite the redevelopment cost.
The Berwyn City Council last week approved a redevelopment ordinance to convert the 6,500-square-foot local landmark to the flagship brew house. The 88-year-old limestone building will be sold for $200,000
Looks like the City was eager to put a deal together. This comes via the loopnet listing:
For the right end user, the City will use the following incentives:
– Land write-down to $500,000 for 50,000 square feet of land + historic bank building
– A 100% write down of $500,000 in previous investment
– Expedited Permitting
– Class L Property Tax Exemption
– Historic Income Tax Credits
This iconic structure is currently owned by the City of Berwyn. The City is looking to bring a unique concept to the location that residents will be proud of. The City is willing to be very aggressive with the sale price and will consider lease terms as well.
The building was structurally restored in 2010 and is extremely spacious. Nearly 6,000 SF of open space on the ground floor and an additional 1,600 SF split between two mezzanine areas.
Rather than speculative developers or investors, the offering price is designed to bring a unique end user into the City.
Located in the heart of Berwyn’s bustling Cermak Road, the Berwyn National Bank building sits at the crossroads of Cermak Road (33,900 ADT) and Oak Park Ave (11,400 ADT).
Zoned C-2 (General Commercial) with Retail Overlay.
Shared parking with access to the municipal parking lot across the street.
Please send us any more examples of Bank Reuse or other historic property reuse. I am happy to post any of your projects.