A city-commissioned master plan envisions a three-to-four story mixed-use development on the former bank property, as well as restaurants along the side streets away from Irving Park Road. View Full Caption The Lakota Group

PORTAGE PARK — A long-vacant bank building would be transformed into a grocery store and gym under a plan unveiled by Ald. John Arena (45th) that would save a historic theater and create space for nonprofit arts organizations.

The first floor of the former Bank of America building at 4901 W. Irving Park Road would become a grocery store and the first Retro Fitness gym in Chicago, Arena said.

A 300-seat theater on the second floor, which was once home to the Northwest Chicago Film Society, would be restored, and offices for medical services and nonprofit arts groups created, Arena said.

On this DNAinfo Radio Extra, Heather Cherone dives into the timing of the announcement and what it could mean for the neighborhood:

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