CANARYVILLE/NEW CITY
By: Laura P. Neary
Chicago’s Department of Planning and Development (DPD) is reviewing proposals to creatively revive the historic Stockyards Bank building at 4150 S. Halsted St and the complementing property at 821 W. Exchange Ave.
The Chicago landmark has remained vacant in the Canaryville/New City neighborhood since closing its doors in 1973. The city stepped in in 2000 to save the building from demolition, but the site had remained quiet since 2020 when city officials and developers stabilized the structure. The building is now primed to reclaim the esteem it knew during Chicago’s reign at the helm of the meatpacking industry.
Abraham Epstein designed the building in 1925 to house two banks that had merged in 1924: the Stock Yards National Bank and the Stock Yards Trust and Savings Bank. Epstein modeled the bank as an homage to Independence Hall in Philadelphia, Pa.
Today, the Stockyards Bank building offers 35,000 square feet to reconcept. That does not include the optional Exchange property, which offers an additional 42,000 square feet of open space to be reimagined. (Note: The Exchange property is not for sale independent of the Stockyards Bank site.)
Redevelopment proposals must respect the building’s historical acclaim and strive to restore the structure to comply with the building’s landmark status, preserving significant and historical elements, including interior and exterior features. Historical features include all exterior elevations, such as rooflines, and the entire first and second-floor interiors.
According to the city’s directed real estate listing, “A design vision for this site will restore and adaptively reuse the historic Stockyards Bank building while utilizing the vacant parcel to the south to complement the use of the bank building. Reactivation of these spaces will offer additional employment opportunities, catalyze additional development in the area, and strengthen the urban fabric of the historic Canaryville neighborhood.”
Price is an important consideration in addition to the ideal plan. The current target price is 1.9 million, which includes both parcels and the building.
What can the public expect next? The DPD states, “The City will contact applicants whose submissions best meet the criteria established by the City to provide further information and participate in a public engagement process to solicit feedback from local residents and stakeholders.”
The Stockyards Bank development marks the second major reactivation for the 11 Ward with the recent revival of the Ramova Theatre.
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