The Community Development Commission has approved $13 million in TIF funding for the restoration and redevelopment of the Pioneer Trust and Savings Bank Building at 4000 W. North. Located at the corner of W. North Ave and N. Pulaski Ave, the bank building is part of a larger redevelopment by Park Row Development that will see the construction of a new 9-story building on the adjacent vacant lots to the north.
Built in 1925, the Pioneer Trust and Savings Bank Building will be redeveloped into a mix of office and incubator spaces. JGMA, the architect for the project, will move its offices into the upper floors of the bank building, while BTEC and Arquitectos will lease the remaining space. BTEC intends to focus on workforce management and community business incubation, while Arquitectos would use the space as their first headquarters to assist local Latino design and engineering firms start and grow their businesses. A community cafe and restaurant will occupy the ground floor of the annex building.
With only the redevelopment of the bank building under consideration within this approval, the project will cost $21.1 million in this first phase. The financing will include $357,000 in developer equity, $2.1 million federal Historic Tax Credit equity, $5.66 million in lender financing, and the aforementioned $13 million in TIF funding from the city.
With CDC approval of the TIF funding, the developer will now work with DPD to write a redevelopment agreement and get it passed by City Council within the first half of 2023. Once the City Council passes the redevelopment agreement, the developers will look to close on the financing and begin construction. With All Construction Group tapped as the general contractor, construction will take 16 months once ground is broken.