Belmont-Sheffield Trust and Savings Bank Building
Encyclopedia
The Belmont-Sheffield Trust and Savings Bank Building is a six-story building built in 1928 at 1001 W. Belmont, Chicago, Illinois. The building was designed by architect John Nyden and is on the National Register of Historical Places. It was constructed in a U-shape around a two-story central atrium, which allowed light to reach the bank lobby -- the glass atrium has since been roofed over.
When the building was first completed, it held the Belmont-Sheffield Trust and Savings Bank on the first floor and part of the second; offices on the rest of the second floor and on the third floor; and the Montfield Hotel (address 3146 N. Sheffield) on floors four through six. However, the bank closed on June 24, 1932, due to financial difficulty following the Great Depression
. The bank portion of the building then remained vacant until World War II
, when local rationing
board 40-46 took over the space. The building also housed the Lake View Citizens' Council
in the 1950s.
It struggled with vacancy until 1984, when a developer received a federal loan to convert the Montfield Hotel into 54 apartments, maintaining stores on the ground floor. The building was sold again to another developer and the upper floors converted into loft condos in 2005, which are now listed at the address 3150 N. Sheffield. In 2008, the Commission on Chicago Landmarks
designated the building a landmark along with 15 other neighborhood bank buildings.
When the building was first completed, it held the Belmont-Sheffield Trust and Savings Bank on the first floor and part of the second; offices on the rest of the second floor and on the third floor; and the Montfield Hotel (address 3146 N. Sheffield) on floors four through six. However, the bank closed on June 24, 1932, due to financial difficulty following the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
. The bank portion of the building then remained vacant until World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, when local rationing
Rationing
Rationing is the controlled distribution of scarce resources, goods, or services. Rationing controls the size of the ration, one's allotted portion of the resources being distributed on a particular day or at a particular time.- In economics :...
board 40-46 took over the space. The building also housed the Lake View Citizens' Council
Lake View Citizens' Council
The Lake View Citizens' Council is a non-profit civic organization serving the Lake View community on the north side of Chicago, Illinois...
in the 1950s.
It struggled with vacancy until 1984, when a developer received a federal loan to convert the Montfield Hotel into 54 apartments, maintaining stores on the ground floor. The building was sold again to another developer and the upper floors converted into loft condos in 2005, which are now listed at the address 3150 N. Sheffield. In 2008, the Commission on Chicago Landmarks
Commission on Chicago Landmarks
The Commission on Chicago Landmarks, established in 1968 by a Chicago City Ordinance, is composed of nine members appointed by the Mayor and the Chicago City Council. It is responsible for presenting recommendations of individual buildings, sites, objects, or entire districts to be designated as...
designated the building a landmark along with 15 other neighborhood bank buildings.