Stanton: Former U.S. Bank Building Should Be Offices

• Editor's note: This is the fourth in a series of articles on Geneva business and development, based on an interview with 2011 Wood Award winner Joe Stanton—Geneva businessman, landlord and developer.

The former U.S. Bank building at the corner of North Third Street and Hamilton Street ought to be marketed as office space, downtown Geneva developer and landlord Joe Stanton says.

"The bank building on the corner of Hamilton and Third, I know there’s been a lot of interest. I’ve been in there quite a few times," he said. "But it’s going to take something very creative. It’s going to be a tough time to get (a tenant)—because of the shape of that building.

"The building needs to be subdivided. You might get away with a couple commercial entities facing Third Street, but the truth of the matter is we need for that to be an office building again."

A big part of the longrange downtown plan is to encourage more residential development so that the downtown is a self-sustaining retail, dining and living center. The downtown also has suffered the loss of a lot of natural foot traffic, as the Kane County Judicial Center took employees out of the city center and the bank property remains vacant.

"We need to bring 100 people who work in Geneva and eat in Geneva and shop in Geneva every day," Stanton said. "Sometimes the right decision is to put the bodies into Geneva, not a business, and I think that building is a perfect example."

The city's Downtown Master Plan calls for a three-layered combination of residential, commercial and retail space—so Stanton's suggestion isn't exactly in keeping with the vision set forth in the master plan.

"It’s not a matter of whether you agree with the master plan or not. The master plan really is a wish list, Station said. "I agree with the exercise of doing the master plan, because if the stars aligned, what would you do? (But) nobody really believes it will happen."

The market really has to determine what will be built, because ultimately the development isn't done by the city, it's done by entrepreneurs willing to take on the expense and the risk.

"The truth is the market goes up and down. And your opportunity to do things sometimes comes and goes," Stanton said.

Stanton said a grocery store would have been a perfect tenant—an anchor that could help bring more multifamily living opportunities to the downtown. But a grocery store simply might not be possible at this point, Stanton said.

"If we had a grocery store really looking at that place, and we worked very hard to try to get them in, and it fell apart, that doesn’t mean it should only ever be used as a grocery store. It means we had a shot for the perfect type of business and it didn’t work," he said.

Stanton acknowledges that "there may be room for a couple commercial units" facing Third Street in the former bank building.

"But you really need the bodies in there," he said. "That’s where you need your insurance offices, and I wouldn’t have a problem with a bank going in there."

Of the vacant parcels in Geneva, Stanton says that one probably isn't likely to be filled soon.

"The bank has its own views on what it’s worth right now, and I don’t think it’s equal to the market. And the fact that the bank actually owned it from the get-go—it’s not a foreclosure or anything—they’re in no hurry to clear it off their books, so I’m not sure when it will (be sold.)"

Related Articles

• Downtown Master Plan: (4) Hamilton and Third Street Opportunity Site
• What Should Fill the Former US Bank Building?

In This Series

• Stanton Makes a Bid for the Mill Race Inn Property
• Park District Will Open Community Theater in 'Underground' Space
• Stanton: Geneva Downtown Alive and Well