After years as a hulking reminder of what used to be, Austin’s long-vacant Laramie State Bank is finally on track for a comeback. The landmark building is the centerpiece of a mixed-income redevelopment that pairs a new six-story apartment complex with a full restoration of the 1920s bank. If everything stays on schedule, residents could start moving into the new units by mid-June 2026, with a public courtyard meant to pump fresh energy into the Soul City corridor.
Project officials told Block Club Chicago the residential building at 5200 W. Chicago Ave. will have 78 apartments, 51 of them designated as affordable. Monthly rents are expected to range from about $885 to $1,500. Applications are slated to go live in the coming weeks, and would-be tenants will need to document income of at least twice their designated rent. The pet policy is strict: only support animals are allowed, except in special cases approved by management. Developers also told the outlet that pre-construction work on the bank building is scheduled to start in May 2026.
The residential phase broke ground in late 2022. Plans call for an L-shaped, six-story structure wrapped around an internal courtyard. As reported by Chicago YIMBY, the building will feature 37 one-bedroom apartments, 36 two-bedrooms, and five three-bedroom layouts, plus indoor bike storage and roughly 28 parking spaces. The courtyard, according to YIMBY’s coverage, will stay open to the public during daylight hours and is expected to host community programs and events.
Bank Restoration And Public Amenities
The old bank is set for more than just a polish. The development team plans to restore the landmark structure and convert it into a community-facing space that includes a Blues Museum, a café, an office, a co-working space, and a future bank branch. Urbanize Chicago reported that permits and design approvals have cleared key hurdles, and that designers intend to rehabilitate the building’s terracotta exterior and its ornate coffered ceiling. A plaza between the new residential tower and the historic bank will link the two buildings and serve as a public gathering spot for events and neighborhood meetups.
Who Qualifies And How To Apply
Most of the affordable units are targeted to households at about 60 percent of the area median income, which comes out to roughly $50,400 for a one-person household. Six apartments are aimed at households at about 50 percent AMI. As reported by Block Club Chicago, the project team walked neighbors through the paperwork needed to apply and went over income and eligibility rules at a community briefing. The Oak Park Regional Housing Center, a development partner, is listed as a point of contact for outreach and application support. The group maintains project information and assistance resources on its website and at its local office, available through oprhc.org.
What This Means For Austin
The Laramie State Bank, an Art Deco gem finished in the late 1920s, has loomed over the corner since a 2012 foreclosure left it empty. Preservationists have been sounding the alarm for years, worried the neighborhood might lose both a historic anchor and a potential economic engine. Preservation Chicago and other advocates have welcomed the current plan as a way to save the building’s terra cotta ornamentation while jump-starting cultural and commercial activity along Chicago Avenue.
Developers and community leaders say the mix of affordable housing, cultural space, and street-level retail is meant to boost local jobs and foot traffic, not just drop a new building onto the block. If the schedule holds, leasing for the apartments is expected to begin in mid-June 2026, with pre-construction on the bank restoration starting the month before. Project partners say they will release specific application dates and outreach events as listings go live, and community organizations are already lining up support to help Austin residents navigate the application process.
