Plan for apartments at former McHenry bank building advances to City Council

The former First Midwest Bank is an iconic structure in downtown McHenry, city planner Cody Sheriff said this week as the planning and zoning commission gave its thumbs-up for the building’s redevelopment.

First pitched to the McHenry City Council last month, Chicago-based developers EM8 Properties propose The Vault @ McHenry, a $10 million project that would bring 33 loft-style apartments to the building at 3510 W. Elm St.

Although other groups have presented ideas to the Council, EM8’s is the first reuse proposal that has followed up with the planning and zoning commission since the bank closed in 2016.

“It is a handsome building,” Commissioner Terry Locke said, adding that he was in support of apartments in the building.

Because the former bank’s first floor has 18-foot ceilings, the 16 units on that level will have lofts, architect Neal Gerdes said. The second level has 11-foot heights. The units are not priced out yet, but would be consistent with current market rates and range from 550 to 2,020 square feet, he added.

“Every unit would be distinct,” he added, adapting to the building’s layout.

Commissioner Dawn Bremer voiced concerns over having bedrooms on the first floor, adjacent to busy Route 120.

“There are accidents all of the time there,” Bremer said.

In April 2024, an alleged drunk driver struck a light pole and the southwest corner of the building, breaking out the window on that corner.

Other crashes there have not gone into the building, and speeds through the area are generally too slow to be a problem, Ross Polerecky, community development director, said.

“It was a bank, so it is pretty secure,” Commissioner Dan Gleason said.

The site has plenty of parking, Sheriff said. According to his report to the panel, the developer is required to provide 51 parking spots for the 33 units. There are 98 spaces on the property.

The developers need a special-use permit to allow first-floor apartments in the building and overall plan approval for the multifamily development. With the unanimous vote in favor by the commission, the project now goes to the City Council for discussion and a vote, likely in September.