The former Fifth Third Bank building at 3959 N. Lincoln Avenue is officially on its way from tellers to tenants, after Chicago City Council signed off on a key chunk of public financing that will help turn the five-story property into 64 permanent supportive apartments for survivors of gender-based violence.
Developer Brinshore Development is leading the rehab in partnership with local nonprofit Apna Ghar, with LBBA serving as architect. Plans call for the double-height banking hall to be reused for resident amenities and support services, a new matching five-story addition wrapping the existing structure, and ground-floor retail along Lincoln.
Ordinances And The City’s Sign-Off
The City Council’s Finance Committee docket lists two ordinances authorizing Multi-Family Program funds for the project, capping the 4% portion at $11,007,814 and the 9% portion at $357,186, according to the City Council Finance Committee. Those approvals provide the final municipal clearance the developer needs before closing the rest of the financing stack.
Design And Reuse Of The Bank
Architect LBBA’s project description outlines a five-story addition that will wrap the south and east sides of the existing building to create a central courtyard, matching the current height and materials. The original banking hall is set to become amenity space for residents. The firm also details a mix of 14 one-bedroom units, 36 two-bedroom units, and 14 three-bedroom units, plus a roof amenity deck and street-facing retail, according to LBBA.
Supportive Housing Focus
Illinois Housing Development Authority Finance Committee minutes describe 3959 N. Lincoln as a 64-unit “twinning” adaptive-reuse development that will serve non-elderly survivors of gender-based violence. All apartments will be backed by rental assistance and financed through a mix of 9% and 4% low-income housing tax credits, according to IHDA. The minutes also note bond authority not to exceed $13.64 million for the project’s conduit financing.
How The Numbers Add Up
According to Urbanize Chicago, the development carries an estimated total cost of about $33.3 million. The financing package includes a $14.75 million senior construction loan, a roughly $3.456 million senior permanent loan, a $770,000 seller note, and approximately $14 million in low-income housing tax credit equity. Urbanize Chicago also reports that permits have been filed, although the development team has not yet announced a construction start date.
What’s Next
The Chicago Housing Authority’s FY2025 MTW plan lists 64 project-based vouchers committed for Apna Ghar’s 3959 N. Lincoln development, providing long-term rental assistance tied to the units, according to the CHA. With city ordinances now approved and IHDA bond authority in place, Brinshore and its partners can move to close the remaining financing and then advance to construction, with timing dependent on permit reviews and final closings as outlined in the City Council Finance Committee.
