Instead of Chicago bank buildings keeping cash safe, these days they’re for making money from turning into multifamily housing.
Ravine Park Partners has proposed renovating the existing former bank property at 3959 North Lincoln Avenue and building adding onto another bank building by developing its surface parking lot across the street at 3950 North Damen Avenue, Block Club Chicago reported. The project will create more than 200 residential units and more than 10,000 square feet of retail space.
The Chicago-based development firm founded by Jeff Annenberg and Greg Moyer will hold an open house next week where residents of the North Center neighborhood will be able to view the plans and submit feedback to 47th Ward Ald. Matt Martin’s office.
“This is a large proposal and we are in no hurry to move forward,” Josh Mark, Martin’s director of development and infrastructure, told the outlet. “Which is to say we want to take our time with the feedback that we receive.”
Plans for 3959 North Lincoln include 5,000 square feet of ground-floor retail and 92 one- and two-bedroom apartments in the old bank building and an extension. There will also be a 25-car parking lot.
Ravine is also aiming to replace the parking lot at 3950 North Damen with an eight-story building with 166 apartments and 5,200 square feet of first-floor commercial space. The units will include 65 studio units, 33 one-bedroom apartments and 68 two-bedrooms. The structure will taper down to four stories to the south to match an adjacent existing building.
Fifth Third Bank will be one of the tenants with 3,500 square feet of space facing Irving Park Road that also has an internal bank drive-thru.
Ald. Martin previously denied a zoning change for 3950 North Damen when developer CRG wanted to build a grocery store at the site. Martin said the project would have been too reliant on car travel, and the developer didn’t identify which grocer would occupy the space. Ravine Park Partners worked with CRG on a subsequent plan that included the bank, but CRG is no longer involved with plans for the site.
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