CRG is proposing to convert a bank building into an apartment building with first-floor retail and also wants to build a new apartment building to replace the bank's parking lot across the street.
Crain's Block Club Chicago states that this is the second design by developer CRG for the Fifth Third Bank properties in North Center. Alderman Matt Martin rejected a previous proposal when the developer wouldn't disclose a planned grocery store tenant.
The bank building conversion is located at 3959 N. Lincoln Avenue and the bank's parking lot is across the street at 3950 N. Damen Avenue. CRG needs Alderman Matt Martin to support a zoning change for the project if it is going to move forward.
Martin's director of development, Josh Mark, stated that the Alderman will host public meetings where neighbors will come and share feedback on the latest proposal.
The proposal includes the following:
- Five story bank converted to 120 apartments
- Seven story building
- 4,400 square feet of retail
- 21 parking spaces
- 116 one-bedroom units
- Four two-bedroom apartments
The building replacing the parking lot would include:
- 72 studio apartments
- 32 one-bedroom apartments
- 82 two and three bedroom apartments
Rents at the apartments would be:
- $1,350 for a studio
- $2,000 for a one-bedroom
- $2,600 for a two-bedroom
- $3,500 for a three-bedroom unit
About 20 percent of the proposed 306 units would be designated affordable based on the Affordable Requirements Ordinance.
Once the city approves the project, construction at 3950 N., Damen Ave. could begin in 2023, and construction at 3959 N. Lincoln Ave. could begin in 2024.
The proposal would also include:
- Removing curb cuts
- Adding bike parking
- Creating a 3,000 square foot publicly accessible plaza along Damen Avenue
This is the second design that CRG has pitched for the Fifth Third Bank properties. Last year, Martin rejected CRG's request for a zoning change to build a 45-foot-tall commercial building on the site.
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That proposal included a commercial grocery store and 153 on-site parking spaces which would have made the intersection much more congested.
The grocery store is not in the new plans but a Fifth Third Bank branch would occupy one of the building's retail spaces.
CRG is a recognized leader in development and investment throughout North America. The firm has built a reputation delivering the best real estate solutions for their clients since 1993.
