401 Lake Street East
Studio BV has submitted a variance application on behalf of Walleye Capital LLC, a tenant and affiliate entity under common ownership with the property owner at 401 Lake St E, requesting consideration to reduce the required first floor retail percentage. Properties along Lake Street that are zoned C-4 (Central Business District) are required to use at least 50 percent of the building frontage and ground floor building footprint for retail. A variance for this property was granted in 2020 to reduce the ground floor retail requirement from 50% to 22%. The new proposal requests a further 50% reduction to allow for a total of 11% retail on the ground floor. The remaining 11% of the existing retail space would be dedicated to the service based functions (office/meeting space) of the third floor tenant, Walleye Capital LLC.