Burr Ridge Wants to Red-Flag Building Owner

Burr Ridge IL

15 September, 2021

1:13 PM

Description

BURR RIDGE, IL — Burr Ridge Mayor Gary Grasso said this week he asked the village administration to declare a "moratorium" on the old former TCF Bank site He said taking such an action would serve as a red flag for the owners of the five-story building, which he said was sold to Detroit-based Chemical Bank in 2019. The structure is vacant. "The purpose is to get the attention of Chemical Bank and red-flag it to get it developed," the mayor said. He said a potential developer who wants to develop the property has "considerable" funds and "considerable" experience. The building is at 800 Burr Ridge Parkway and is near County Line Square and Village Center. Grasso did not indicate whether the property had any issues that prompted a moratorium. He said he kept asking Chemical Bank about what it would do with the property but that its first priority was to get rid of overlapping bank branches. "This was down on their list," he said.