A new construction permit was issued by the City of Chicago on March 30 to replace a drive-thru bank at 3600 North Southport Avenue in Lake View with a residential building. Derrig Management is the recipient of the permit, which had been pending in the Chicago Data Portal since October 29 of last year. It came through with a reported cost of six million dollars.
Site context of 3600 North Southport Avenue, via Google Maps
The new construction permit, via the Chicago Data portal
On the way is a four-story, 10-unit building designed by Jonathan Splitt Architects. The permit calls for a detached four-car garage and one surface parking space. A masonry trash enclosure is the only other detail included. As Derrig Builders, Derrig Management will do their own general contracting work. No construction timeline has been indicated, nor is it known if these will be rental apartments or for-sale condos.
Looking west from Southport Avenue. Photo by Daniel Schell
Photo by Daniel Schell
Taken from the south side of Addison Street. Photo by Daniel Schell
Photo by Daniel Schell
Assigned to the address of 3604 North Southport, a demolition permit has been pending since March 10 for the existing bank building, with Brophy Excavation named as the demo contractor. Situated on the northwest corner of Southport Avenue and West Addison Street, it has most recently housed Fifth Third Bank and MB Financial Bank businesses. A large portion of the property is a surface parking lot.
The pending demolition permit, via the Chicago Data Portal
The CTA’s Route 152 bus stops on the intersection of Addison and Southport. It can be used to connect with the Addison Brown Line elevated platform half a mile to the west, and the Addison Red Line platform half a mile to the east. For north-south bus travel, #9 and X9 buses stop two blocks west on North Ashland Avenue.
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One down, many more bank drive throughs to go.
There’s so many! Just think what the city would be like without any of them
We’d be debanked!
@River Otter
I laughed way too hard at that! Thanks
So, happy a parking lot and drive through will be housing, but only 10 units seems like too few for the size of the building?
I am guessing fewer but larger higher end condos in this building given this neighborhood
I thought so too, but having only 5 parking spaces for 10 units makes me think they will be rentals, not condos.
I’m appalled that this classic drive-through bank is being torn down for the habitation of the rich. Anyone with eyes can see that this angular concrete massing, with abundant negative space for cars, is an irreplaceable monument to our culture.
Heh….you forgot to complain about the proposed parking ratio and whine about insufficient density. Otherwise no notes, a nice parody comment.
Next time throw in some rants about traffic (street and alley), soil conditions, loss of open space, and dumpster logistics.
OMG I forgot density and dumspters. And being a drive-through, parking didn’t cross my mind. 🙂
About time what eye sore!
4 stories and 10 units?
Yawn, dude. Yawn……
I don’t get how this building pencils out financially with only 10 units. Since it has 5 parking spots, it almost certainly will not be condos.
The article says $6M construction cost. We all know that is not accurate, but even if we grant that all in costs for the developer is $6M, is the end result even worth that much? Would they be able to sell this property, when completed and all leased up, for over $6M?
If 10 apartments average $3k rent each, that is a building that grosses $30k per month rent. That’s $360k per year, and using common GRM ranges for a quick estimate of value, this property comes in being worth perhaps $4-$4.5M
If the apartments average $4k per month rent, using the same rough formula you get a building that is perhaps worth $5.5-6M?
Only thing that I can think of is the all in costs (demo, planning, construction, commissions) is probably FAR below $6M
Interesting analysis. It does seem 10 units is low for a site of this size; maybe they can be sold as $700k units on a busy corner?