The City of Chicago has selected Austin United Alliance’s proposal for the redevelopment of the Austin-Laramie State Bank site, which includes the historic Art Deco Laramie State Bank.
The bank building was originally built in 1929 and has an elaborate terra cotta facade and is considered an example of Art Deco ornamentation in Chicago. The building has sat vacant for nearly a decade.
The design proposes restoring the bank building to house a bank, a cafe, and the Chicago Blues Museum on the first floor and a business incubator on the second floor. The remaining vacant lots will be turned into a six-story, 76-unit mixed-income apartment building with a courtyard open to the public. The apartment building will house 53 tenants who earn 60% of the area median income. The remaining 23 units will be rented at market rate.
The project is part of INVEST South/WEst, a community improvement initiative to invest more than &750 million in public funding to reactivate 12 key commercial corridors in Chicago’s South and West sides.