Developers Sought To Bring New Business To Old Bank

ALGONQUIN, IL — The village of Algonquin is seeking a developer to breathe new life into the former Algonquin State Bank property at 221 South Main Street.

This past week, village officials announced "the release of a Request for Qualifications to redevelop" the property.

"This prime downtown location offers an exciting opportunity to revitalize a historic site and enhance the village’s vibrant Old Town District," according to a news release from the village of Algonquin. "As part of the Village’s continued commitment to revitalizing Old Town Algonquin, this property is envisioned as a cornerstone in the ongoing transformation of Algonquin’s Main Street corridor."

The village is looking for proposals that show the developer could "transform the existing building or develop a new structure, with a focus on creating a high-quality restaurant space that complements the unique character of Main Street."

“This project reflects our long-term vision for Old Town Algonquin,” said village president Debby Sosine. “We’re looking for creative ideas that will enhance the overall experience of Main Street and attract more visitors to our community. The newly constructed Washington Street, with a shared street concept for outdoor events, makes this an exciting opportunity for prospective developers and our residents alike.”

The property includes a 5,900-square-foot former bank building, which is located next to public parking and several downtown amenities. The village has recently invested in significant infrastructure improvements, creating a more pedestrian-friendly environment ideal for community gatherings, festivals, and outdoor dining, according to the news release.

More information on the RFQ and the project details can be found online here. Proposals are due by November 22.