Plans have been revealed for a mixed-use development at 3950 N. Damen. Announced via Alderman Matt Martin’s weekly newsletter to constituents, the proposal comes from a partnership between CRG and Ravine Park Partners. Proposing to amend the existing Planned Development, the project site includes the existing bank building at 3959 N. Lincoln Ave and the surface parking lot and drive-through at 3950 N. Damen Ave.
With a design from Lamar Johnson Collaborative, the project includes the rehabilitation of the existing bank building with new additions included, and a ground-up new construction structure at the site of the current surface parking lot. In total, the project will deliver 301 residential units and approximately 10,000 square feet of retail space to the intersection of N. Damen Ave, W. Irving Park Road, and N. Lincoln Ave.
At 3959 N. Lincoln, the existing bank building will be converted into a mixed-use building with additions matching the building’s height along both W. Irving Park Rd. and N. Lincoln Ave. This structure will be expected to hold 116 apartments, with a mix of 116 one-beds and 4 two-beds. 21 parking spaces will be incorporated into the ground floor for tenants, with 4,400 square feet of retail space will front the intersection. 60 bicycle parking spaces will be provided in the building.
At 3950 N. Damen, the new mixed-use structure will rise 7 floors, tallying 81 feet tall along W. Irving Park Rd, stepping down along N. Damen Ave to a lower height of 61 feet and 5 floors at the south end of the property. A 3,000 square foot publicly accessible plaza will be included on the ground floor with 5,500 square feet of retail space fronting the intersection, including 4,000 square feet for the existing Fifth-Third Bank branch.
On the upper floors, the building will host 186 residential units, including a mix of 72 studios, 32 one-beds, and 82 two- and three-beds. 74 parking spaces will be included on the ground floor towards the southern end of the building. 87 bicycle parking spaces will be provided in the new building.
Residential units would rent at $1,350/month for studios, $2,000/month for one-beds, $2,600/month for two-beds, and $3,500/month for three-beds. 61 of the rental units will be designated as affordable.
As a proposed amendment to the Planned Development, the project will undergo an extensive community and city review. At City Hall, the plan will need to go before the Committee on Design, Chicago Plan Commission, Committee on Zoning, and the full City Council. Construction is supposed to begin at 3950 N. Damen in 2023 and wrap up in 2024, while the building at 3959 N. Lincoln will begin work in 2024 and complete in 2025.