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updated: 2/16/2021 7:01 PM

Wood Dale set to acquire former bank for possible redevelopment

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Wood Dale is set to acquire a former bank property with plans to sell it and three neighboring parcels to a buyer willing to redevelop the land.

City officials will spend roughly $400,000 to buy the shuttered bank building at 333 East Irving Park Road. The move comes several years after the city acquired a former restaurant building next door and two nearby residential parcels.

Mayor Nunzio Pulice said the city is planning to sell all four parcels when a developer is found.

"Nothing is set in stone," Pulice said, "but these nice parcels should be of great use for future development."

City officials say they believe a franchise restaurant would be the best use of the land.

The former restaurant and two houses were purchased for roughly $1.1 million in 2017, officials said. The houses have since been demolished.

Combined, the bank property and the other parcels are about 2 acres.

Community Development Director Ed Cage said there are no plans to demolish the former bank and the former restaurant yet, but that probably will be done when a new development is approved.

Cage said the plan is to consolidate the parcels to attract one user or multiple users to occupy the space.

"The goal is to get a good sit-down restaurant that the residents can enjoy," Cage said. "Hopefully, this is a win-win for everyone."

• Trey Arline is a corps member with Report for America, a national service program that places journalists into local newsrooms.