National Chains Planned for North Broadway Building
The building at the corner of North Broadway and Belmont Avenue recently sold, and the owner says he’s planning to snag fast food joints to replace the locally owned businesses.
After purchasing the massive building on the corner of North Broadway and West Belmont Avenue, investors say they’re interested in replacing the building’s current small businesses with national retailers, according to Chicago Real Estate Daily.
The building was purchased for just more than $5.5 million and includes six retail spaces, 12 apartments and four parking spots, CRED reports. The sale was finalized in late December, and its new owners—a real estate broker and two doctors named Arshad Ahmed and Bashar Kashlan—say they have big plans for the corner.
“We’ll look for national tenants,” Ahmed told DNAinfo.com Chicago. “Anything from Jimmy John’s, down the road, or maybe a Panera.”
The building was sold by Niles-based venture Bold Development LLC that purchased the property in 2007 for $5.3 million, CRED reports. North Community Bank is the most notable tenant at the East Lake View corner, with small businesses like Lakeview Chiropractic and Salad House filling the others.
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However, big changes aren’t expected to come anytime soon. DNAinfo found current tenants have years left on their leases, and Maureen Martino, executive director of the East Lakeview Chamber of Commerce, said such drastic changes to the corner would need to be approved by community officials first.
The move toward national retailers and fast food chains is similar to changes happening on Southport Avenue. Small businesses on the popular business corridor recently spoke out about the corporatization of the street.