It’s unclear what the future holds for a corner lot at a bustling intersection, but there are plenty of eyes watching to see what unfolds as a Chicago broker attempts to sublet the property.

A Shell Oil gas station occupies what are technically three separate parcels on the northwest corner of Madison and Harlem streets, but the petroleum giant is looking for a new tenant, according to Steven Monroe, a real estate agent for Grubb and Ellis, the firm handling the deal. The site has been on the market for several weeks.

In accordance with a company policy, Monroe declined to identify who has expressed an interest in the property, but Mayor Anthony Calderone said the village has spoken with at least one prospective tenant.

Walgreens, the national pharmacy and retail chain based in Deerfield, has asked for feedback from the village on how viable a proposal from the company would be. According to Calderone, village staff members are discussing how such a proposal might fit within the comprehensive plan and area zoning regulations.

“We’re running that through our channels,” Calderone said.

A formal site plan has not been submitted by the retailer, Calderone said.

Walgreens’ public relations office did not return a phone call seeking comment.

Such a development at that location could be problematic, the mayor said, because the footprint for the building and necessary parking is unlikely to fit on the site. Realistically, the property would have to be expanded to the north and that would require seizing Parky’s Hot Dogs, a local favorite for grilled foods. Calderone said the ideal tenant would bring a mixed use development capable of wrapping around the corner plot.

“We’re kind of sensitive about things that ultimately face Madison,” Calderone said.

Village Administrator Mike Sturino said the municipality has not discussed any efforts to acquire or lease the site.

In advertising the property, Grubb and Ellis have made it clear that the new tenant will not be another gas station. Equilon Enterprises LLC, a joint venture between Shell Oil Company and Texaco Inc., is identified as the grantee on the property at 7201 Madison St., according to records maintained by the Cook County Recorder of Deeds. Monroe confirmed that Shell does not actually own the property and is looking to sublet the site. Grubb and Ellis declined to identify the property owner.