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City of Darien, Chase Bank Will Close on Property Sale Friday

Deal for parcel at 75th Street and Cass Avenue has been in the works since February 2011.

The is scheduled to close Friday on the of property at 75th Street and Cass Avenue to Chase Bank.  The city council approved the $1.95 million deal last November.

Since the vacant property was the former site of a gas station, environmental testing was required before construction of the bank could begin. 

According to Assistant City Administrator Scott Coren, the property is “nearly finished with an environmental remediation project.” He added that the parcel has already acquired a “No Further Remediation” letter from the Environmental Protection Agency.

Coren said that as part of the project, an access road will be constructed connecting the parcel to the strip mall and property at Plainfield Road and Cass Avenue.

Chase signed a letter of intent in February 2011, stating its desire to for $2 million. The City of Darien bought the property, formerly occupied by a Shell gas station, for about $1.6 million in 2006. At the time, an appraisal valued the vacant lot at about $1.2 million. 

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