Gap Guts Storefront, Downsizes on North Broadway (PHOTOS)
The retailer resigned its lease but plans to vacate a huge portion of the store to be used by another tenant.
Although Gap recently signed its lease to stay in East Lake View, the retailer is undergoing a gut-rehab, almost cutting its square footage in half.
Located at 3216 N. Broadway, contractors were issued a building permit on Jan. 18 estimating the project word will cost $125,000. Construction is expected to take 16 weeks, and includes the demolition all non-load bearing walls, according to construction workers on the scene.
Peter Graham, the building’s broker, says the store is currently 10,000-square-feet, but after the project is completed, it’ll only be 6,000.
“Gap is downsizing, and they’ve started their work,” Graham said. “They’re probably three months from giving the space back to the landlord. They’ve committed to a new term and expect to be in the neighborhood for the foreseeable future.”
Graham said he’s not sure what new tenant will fill the 4,000-square-foot space, but because Gap doesn’t use the building’s basement, whatever business fills the storefront will also have a 10,000-square-foot lower level.
The space will officially become available May 31.
And Lakeview East Chamber of Commerce Executive Director Maureen Martino says she’s not sure what will fill the space either.
“I talked to the broker just last week and he said it’s not leased yet,” Martino said. “... We are not sure if the broker has someone in mind at this time, however we welcome a retail mix to the distrrict.”
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Representatives with Gap Inc. did not immediately return Patch's requests for more information on the reason behind downsizing.
While under construction, Gap moved all its merchandise to the storefront it plans to vacate on the south end of the building. Construction crews are already gutting and renovating the space.
The North Broadway Gap is one of two stores the retailer has in Lake View, with the other at 3155 N. Lincoln Ave., close to where the new Target is slated to land. Another Gap is being built on Southport Avenue and is rumored to include clothes from the store’s Piperlime brand.
Editor's Note: This story was edited on Feb. 5.