Fire destroyed the building early Monday morning. It took firefighters hours to get the flames under control.
PHOTOS: Fire destroys Lincoln Square Lanes
The ATF and local arson investigators are both looking into how the fire started.
The bowling alley had been in business for nearly 100 years. Lincoln Square Lanes first opened its doors in 1918. The same family has owned Lincoln Square Lanes for nearly three decades.
"My father has owned it for 27 years. We bought it from my father. My family did - my brothers and my cousins. We rehabbed it and put a lot of money into it about it three years ago. We made it into a real fun place," said David Drehobl, one of the owners.
The bowling alley closed briefly in 2012 when the family installed a new kitchen, a large stage and new bar.
"We invested $1 million three years ago and it's all gone," said Richard Drehobl, another owner.
A farewell message was posted to the Lincoln Square Lanes Instagram account Monday morning.
"It is with heavy hearts that we bid our customers a saddened farewell. We will cherish the memories you have left us with. It is our hope that this historic alley will remain in your thoughts. The LSL family would like to thank you for your continued love and support as we look forward to the future," the message said.
Community members will be sad to see it go, once the building is demolished.
"I hope it doesn't come to end up being a high-rise with apartments, because this is part of the neighborhood. This is part of Chicago. That's a big loss," said Jim Mowery, a neighbor.