City Council approves funding for development at 3959 N. Lincoln

The Chicago City Council has approved $357,000 in multi-family program funds for a mixed-use affordable development at 3959 N. Lincoln. Planned by affordable developer Brinshore Development, the project will rehabilitate the existing five-story Fifth Third bank building at the intersection of N. Damen Ave, N. Lincoln Ave, and W. Irving Park Rd.

Partnering with Apna Ghar, the entire bank building will become 64 permanent supportive housing units for survivors of gender-based violence. Supportive services in the building will include education planning, financial empowerment, children's programming, counseling, and job skills development.

With LBBA on board as the architect, the bank building will get a five-story addition connected to its wings on the south and east that will connect around to enclose a center courtyard. Matching the height of the existing structure, the new facades will be clad in brick veneer with composite and metal panel accents next to the windows. 

On the ground floor, retail space will occupy the corner frontage and stretch down N. Lincoln Ave. The residential lobby and management offices will occupy the N. Lincoln Ave frontage within the new addition, with 18 parking spaces behind them. The original banking hall space will be used for resident amenities and support services space. On the second floor, the double-height space of the banking hall will be retained and used for further support services space. The remainder of this floor and all of the upper floors will hold the 64 apartments, broken down into a mix of 14 one-beds, 36 two-beds, and 14 three-beds. A resident amenity deck on the roof will overlook N. Lincoln Ave.

To support the $33.3 million project, the city has approved $357,000 in Multi-Family Program Funds. Other funding includes a $14.75 million senior construction loan, a $3.456 senior permanent loan, a $770,000 seller note, and $14 million in LIHTC. 

With City Council approval secured for the financing, the developer can move forward and close on the project’s funding stack. Permits have been filed for the construction, but an official timeline for construction has not been announced.