The City of Chicago’s INVEST South/West initiative has selected the Austin United Alliance vision for the Austin RFP site. Located at 5200 W Chicago Avenue, the project site is a vacant lot and the historic Laramie State Bank building. Heartland Housing Alliance and Oak Park Regional Housing are the developers behind the proposal.
Aerial View of Laramie State Bank Austin RFP Site. Image by City of Chicago
Designed by the team made up of Valerio Dewalt Train, Latent Design, and Bauer Latoza, the development will adaptively reuse the existing bank building and construct a new residential building. A community-led board of directors will own and operate the retail and commercial spaces in the project. An expansive green space will become a new social space and a proud new member of the Soul City Corridor.
Austin United Alliance. Rendering by Valerio Dewalt Train, Latent Design, and Bauer Latoza
The bank’s notable architecture will be preserved and rehabilitated to suit several community needs. It will house a new bank branch to improve access to financial services for residents. Additionally, there will be a new café and a business incubator to support emerging entrepreneurs and attract businesses to the corridor. The Chicago Blues Museum will be launched inside the bank, aligning with efforts to rebrand Chicago Avenue as Soul City Corridor.
Ground Floor Plan for Austin United Alliance. Drawing by Valerio Dewalt Train, Latent Design, and Bauer Latoza
The vacant lots adjacent to the existing bank structure will be redeveloped into its own 72-unit, mixed-income residential development. A courtyard between the new construction and historic bank will be provided to include a community plaza, gardens, and several public art installations.
Views of Austin United Alliance. Renderings by Valerio Dewalt Train, Latent Design, and Bauer Latoza
Construction of the $37.5 million development will be led by BOWA Construction. The project will be subject to a redevelopment agreement (RDA) with the City of Chicago that could include public incentives to enable their completion, such as Tax Increment Financing, land write downs, tax credits, and other public resources. Projects that incorporate privately-owned land at each site will be negotiated with the properties’ current owners. Each RDA, along with required zoning changes, will be subject to Chicago City Council approval. Groundbreaking could occur by the end of the year.
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If the final product comes out like the renderings, this will be a game changer for the neighborhood, and a model for other neighborhoods across the city and the country.
I agree with Greg. This area needs a real shot in the arm. Also its thrilling to see the vulnerable Laramie State Bank Building readapted in this way. The facade is so gorgeous… it just needs a little investment to bring it up.
Agree with the Matthew and Greg. What a great opportunity for the Austin area. I look forward to seeing this area bloom! That bank is gorgeous. I’m happy they are not demolishing it.