Historic Chicago Bank to Become Affordable Housing Community

• Chicago City Council approved funding for a $33.3 million affordable housing redevelopment at 3959 N. Lincoln Avenue.
• The project will transform the historic Fifth Third Bank building into 64 permanent supportive housing units.
• Brinshore Development and Apna Ghar are partnering to provide housing and services for survivors of gender-based violence.

What Is Planned for the Historic Bank Building

A prominent historic bank building at the intersection of North Lincoln Avenue, North Damen Avenue, and West Irving Park Road is set for a major transformation after Chicago City Council approved funding to support the redevelopment. Led by Brinshore Development in partnership with Apna Ghar, the project will convert the existing five-story Fifth Third Bank building into 64 units of permanent supportive housing. The development is specifically designed to serve survivors of gender-based violence while preserving a landmark structure in the North Center neighborhood. The city recently approved $357,000 in Multi-Family Program Funds to help advance the project.

What the Redevelopment Includes

Architect LBBA is leading the design effort, which includes both the rehabilitation of the historic building and the construction of a new five-story addition. The expansion will connect to the existing building's south and east wings, creating an enclosed central courtyard. New façades will feature brick veneer with composite and metal panel accents designed to complement the existing structure while modernizing the property. The completed development will include 64 apartments consisting of 14 one-bedroom units, 36 two-bedroom units, and 14 three-bedroom units.

What Services Will Be Available for Residents

Beyond housing, the project will provide a comprehensive support network for residents. Plans call for education planning, financial empowerment programs, counseling services, children's programming, and workforce development resources. The original banking hall will be preserved and repurposed as a resident amenity and support service space, while additional service areas will occupy portions of the second floor. Developers say the combination of housing and support services is intended to create long-term stability for residents transitioning from difficult circumstances.

What the Mixed-Use Development Offers

The project will maintain an active street presence with retail space occupying the prominent corner frontage and extending along North Lincoln Avenue. The residential lobby and management offices will be located within the new addition, while 18 parking spaces will be provided at the rear of the property. Residents will also have access to a rooftop amenity deck overlooking Lincoln Avenue. By preserving key architectural elements of the historic bank while introducing new housing, the project blends adaptive reuse with community-focused development.

What Funding and Timeline Look Like

The redevelopment carries an estimated cost of $33.3 million. In addition to the city's funding contribution, financing includes a $14.75 million senior construction loan, a $3.456 million senior permanent loan, a $770,000 seller note, and approximately $14 million in Low-Income Housing Tax Credits. With City Council approval secured, the development team can move forward with finalizing the project's financing package. Construction permits have already been filed, though an official groundbreaking or completion timeline has not yet been announced.