Restaurant, Retail Space Could Move Into Vacant Bank Building

ALGONQUIN, IL — The Algonquin Village Board is expected to vote next week on whether a vacant bank should be redeveloped into a building that could house a restaurant and two other businesses.

The village owns the former Algonquin State Bank property at 221 S. Main Street, and Kopetsky Properties, LLC is seeking approval from village officials to authorize a redevelopment agreement for the property.

The Algonquin Village Board is expected to vote on the agreement during a Tuesday meeting.

This past week, village board members voted 5-2 in favor of the redevelopment agreement at a preliminary hearing, according to Shaw Local News Network.

The Algonquin State Bank building has been vacant since 2021. According to the redevelopment agreement, Kopestky is proposing updating the building's "1970s exterior facade," which is "architecturally unfit for Old Town Algonquin." The building "continues to fall into disrepair," according to village documents.

Under the proposal, the facade would be renovated to include brick, stone, hard board panels and decorative Victorian elements. The commercial space will be split into two to three units, and will make up 5,200 square feet of space at the ground level, and there will be 4,000 square feet of basement storage available as well.

The units would be leased to area business.

"There is a significant interest to lease the majority of space with an existing Algonquin-based restaurant looking to expand and a new unique Beverage retailer and tap room," according to the redevelopment agreement.