The old LaSalle Bank building at the northeast corner of Belmont, Ashland and Lincoln avenue has changed hands, and its new owner, Novak Construction Co., has announced plans to build a new development that would focus around a large 60,000 square foot ground floor retail component with 80 to 160 residential units above it, Crain's is reporting. The property has sat vacant for years, and a previous plan to build a mixed-use development stalled out at the height of the real estate crash. Early last year, Target purchased the property, with plans to build a new store at the location, but after sitting on the property for a little over a year, the Minneapolis-based big box retailer decided to dump it this summer.
Novak's new plan isn't too far off from Centrum's failed Lakeview Collection, which was supposed to feature 90,000 square feet of retail space on the first and second floors and 131 condo units from the third to the sixth floor. After sitting idle for years, and exchanging hands a few times, it appears that the old building at the busy Belmont, Ashland and Lincoln intersection may finally be getting some action.
·Mag Mile vacancy rate falls to 5.5 percent [Crain's]
·CONFIMRED: Mixed-Use Development coming to Lincoln/Ashland/Belmont [Southport Corridor]