Wells Fargo staff are planning to tear down the existing bank building at 1505 W. Lake St. and rebuild a one-story structure standing flush at the street.
The new design eliminates six current drive-up lanes, replacing them with two drive-up ATM spots.
Parking would be reduced from the current 48 spaces down to 28 spaces, which is still more than the 19 allowed in city code.
The current building is 3,100 square feet, and the new building would be almost twice that.
Wells Fargo would remove its employees from the Sons of Norway building and consolidate them in the new structure.
“Like a lot of large companies, we’re looking to become more efficient,” said Brent Hanson of Wells Fargo.
At the request of East Calhoun residents, Wells Fargo staff agreed to look at ways to design a safer exit onto Lake Street.
The new building would meet LEED standards for environmentally-friendly design, and would be complete in late 2016.