A City-owned bank building in South Shore will be rehabilitated into a new community arts center under a plan approved today by City Council.

Built in 1923 as the Illinois State Savings Bank, the three-story, neoclassical building at 6758 S. Stony Island Ave. will be sold for $1 to Stony Group LLC and rehabilitated for cultural and arts-related activities.

The building’s multi-phase redevelopment will include an initial $750,000 investment by the developer to stabilize the building’s exterior. The work will include a new roof and a restoration of its terra-cotta facade.

Later phases will rehabilitate approximately 16,000 square feet of interior space for three types of cultural programming: a ground floor restaurant and culinary training kitchen; a second floor library for a portion of the Johnson Publishing archives; and third floor artist studios and offices.

The City of Chicago acquired the property in 2008 to help foster its rehabilitation as a community anchor.
The “Stony Island Arts Bank” project will create 30 full- and part-time jobs, as well as 30 temporary construction jobs.

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