Officials with Pinnacle National Bank and an unidentified preferred developer representing CVS are in discussions about the pharmacy company setting up shop in the Lower Broadway building last home to Seanachie Irish Pub, according to sources who asked to go unnamed.
Jason West, who oversees Pinnacle’s special assets group, neither confirmed nor denied that CVS is the target tenant for the high-profile building at the southeast corner of Fourth Avenue and Broadway. The site has sat empty since the early 2000s, having seen a deal to bring a steakhouse to the space fail to materialize.
“I’m not at liberty to disclose any information about a potential buyer,” West said, adding that he is hopeful the prospective buyer “at their option would be able to issue a press release fairly soon.”
West, who described the property as one of Lower Broadway’s more visible sites, declined to note if a letter of intent has been signed.
“We have had a lot of interest in that particular site,” he said.
It is unclear if the preferred developer for CVS, hypothetically, would want to demolish the existing structure to make way for a new building. Various historic guidelines would have to be followed, assuming both the demolition and a design for the replacement structure were approved.
Michael Hayes, a member of The District Board of Directors and vice president with commercial real estate company C.B Ragland, said a CVS addition could prove interesting. However, he added, “This type of business has not been envisioned as part of the entertainment district.”
Pinnacle foreclosed on the property earlier this month. The foreclosure, valued at $2.7 million, involved former building owner Centrum SSI, a locally based partnership between Brad McNutt, Roger Brown and Chicago-based Centrum Properties. McNutt declined to comment for this story.