Developer to Revive Long-Vacant Bank Building in Downtown Downers Grove

Plans are underway to revive a long-vacant bank building in downtown Downers Grove.

Holladay Properties, a South Bend, IN–based commercial real estate firm, recently acquired the 13,620 square foot commercial/office building located at 5100 Forest Ave., company officials announced Tuesday. 

The facility, formerly home to TCF Bank, is located on approximately one acre of land at the intersection of Forest Avenue and Gilbert Avenue,, and has been dubbed “Burlington Station” by the developers.

Holladay’s Northwest Indiana division, which covers the Chicago MSA, will lead the redevelopment of the site. Drew Mitchell, vice president of development, has been selected to serve as project manager.

“Holladay Properties is thrilled about the opportunity to redevelop this parcel in downtown Downers Grove,” Mitchell said in a press release. “The village of Downers Grove has a rich history and we are excited to be a part of the continued growth and development of Downers Grove.”

Holladay officials said they were attracted to the project because of the area’s strong demographics, flexible zoning and vibrant downtown presence. While plans are still being finalized for the property, Holladay has begun evaluating and marketing the site, and is already working with the Downtown Management Corporation in Downers Grove, Mitchell said.

“This particular site affords a myriad of development opportunities and we have already begun the process of exploring development opportunities with village staff,” Mitchell said. “Furthermore, we are experiencing strong interest from retailers as well as other developers who are interested in the premium downtown location that offers substantial parking, traffic and visibility coupled with immediate accessibility to the Metra express line to Chicago.”

According to the release, Holladay expects to finalize a development plan and begin construction on the site by the end of the year.