Chase Bank Claiming New Home in Evergreen Park

For the last two years, the southeast corner of 95^th Street and Kedzie Avenue has been a vacant lot. But after months of discussion and debating, village officials have agreed to a new neighbor that will fill the space.

Mayor James Sexton said Chase Bank will take over a segment of the 2,000 square-feet site, a decision that he said will help stimulate the local economy.

“It will create employment opportunities for Evergreen Park citizens,” said Sexton, “and be good for property taxes.” 

Construction on the new development is set to start in the spring, and should be finished by the end of the year, said Sexton.

The last businesses to call that site home were a Currency Exchange and Panos liquor store and bar. They were both very popular businesses, however despite the popularity, the recession took it’s toll on one. Panos decided to shut its doors after 50 years of service nearly three years ago. After the Currency Exchange relocated across the street about a year ago, the site was completely demolished.

Owned and controlled by First Equity Group, the property had been under the real estate supervision of Oakbrook Terrace-based Mid-America Real Estate Group, a developer that leases property to commercial retailers, since September of 2010. When asked why such a prime piece of property was still vacant, Mid-America vice president Greg Bayer, said that simply put, the economy is effecting everyone.

According to Sexton, a restaurant will more than likely occupy the remaining space, but he didn’t say which business will move there.

Local real estate expert and Saint Xavier University professor Charles Shanabruch said that the business taking over the site on 95^th and Kedzie should be unique to the community.

“The property should be a series of small shops that service the community but still have the appeal to attract a broader base of shoppers,” said Shanabruch.

Shanabruch, who also specializes in public policy and urban development among other areas, said that it’s important to the community and the local economy for the Village of Evergreen Park to develop soon and have a thriving business at a major intersection.

“Having a vacant lot on 95^th and Kedzie is a real eye soar and it does nothing for (the) Evergreen Park economy. Having a successful business at this site will create tax relief for Evergreen Park citizens.”

Asked why might it take so long to get a business at a major intersection, Shanabruch said, “The current recession is really hurting development of new commercial real estate because developers are so unsure on how a business will do under these current conditions”.

Mid-America has two other Evergreen Park properties listed on their website that they are currently looking to lease: The former site of Office Depot in and Evergreen Park Towne Center on the corner of 87^th Street and Kedzie Avenue. Sexton said that he currently had no information on the two other vacant sites, however all three sites have something in common: they all have been vacant for a significant amount of time.

There has been no confirmation from the village or the real estate development company on what other business will call 95^th and Kedzie home. The greatest concern village officials have is how Chase Bank will be an asset to Evergreen Park.

"We'll have to wait and see," said Sexton.