“The redevelopment of a historic Austin bank is hitting its first milestone, with the project nearing completion on its mixed-income apartment building.
“The Laramie State Bank redevelopment project at 5200 W. Chicago Ave. will bring a blues music museum, cafe, business incubator and a new apartment building to the landmark bank campus. The 78-unit apartment building will have rental applications go live in the coming weeks ahead of a mid-June opening, project officials announced Wednesday.
“Construction on the nearly century-old bank building will begin later this year, officials with Oak Park Regional Housing Center, the project’s developer, said at a community meeting Wednesday.
“The bank redevelopment proposal was selected in 2021 to anchor investment and revitalization efforts in Austin as part of the city’s INVEST South/West program under then-mayor Lori Lightfoot.
“A museum honoring the contributions of Chicago artists to blues music also will be inside the rehabilitated bank building, which resides in Chicago Avenue’s Soul City business corridor and cultural district. The former bank will also host a cafe, business incubator and several community spaces.
“The Laramie State Bank building was built in 1929 and was made a city landmark in 1995. It has been vacant since it was foreclosed on in 2012. The bank’s exterior features an Egyptian-style design with yellow and cream-colored terra cotta details on the facade.
“In 2021, a judge ordered a property receiver to perform emergency rehabilitation to its interior, which suffered extensive water damage that destroyed most ceilings, walls and floors, and it is littered with debris.
“The redevelopment project will restore the building’s Art Deco flourishes and architecture, city officials previously said.” (Liptrot, Block Club Chicago, 3/27/26)
Preservation Chicago advocating for Laramie State Bank building for many years, but with greater urgency since it became vacant after its 2012 foreclosure. We attended many building court hearings to provide support for the building and to prevent its emergency demolition.
This is a truly an outstanding outcome for Laramie State Bank. Laramie State Bank building was a 2019 Chicago 7 Most Endangered. We were in regular communication with the owners and stakeholders with ties to the building, including the alderman and Cook County Land Bank. We attempted to find private developers with an interest in tackling this restoration and reuse of this building.
Preservation Chicago suggested Laramie State Bank building would be an ideal candidate for the INVEST South/West and we’re thrilled when the City of Chicago stepped forward. This is an ideal INVEST South/West development project. We strongly applaud former Mayor Lori Lightfoot and former Department of Planning and Development Commissioner Maurice Cox for selecting Laramie State Bank for the program. We further applaud Mayor Brandon Johnson and and Department of Planning and Development Commissioner Ciere Boatright for their support for Adopt-A-Landmark funding.
We recognize and applaud their strong leadership in ensuring a outstanding outcome for the building and community, and their commitment and efforts to strongly reinvest in Chicago’s neighborhoods.
Read the full story at Block Club Chicago
- Austin’s Laramie State Bank Renovation Eyes June Opening For New Apartment Building; The redevelopment of the landmark bank building includes 78 apartments, 51 of them affordable. The project will also bring a blues museum, cafe and a business incubator to the site, Michael Liptrot, Block Club Chicago, 3/27/26
- Mayor Johnson Announces $8 Million in City Support for Historic Preservation Projects, City of Chicago Press Release, 1/30/24
- Austin’s Laramie State Bank Is Becoming A Museum. But First, It Needs Emergency Repairs To Fix Severe Water Damage; The building has rapidly deteriorated since it was foreclosed in 2012. In the coming years, it will be transformed into a museum, a business incubator and a café, Pascal Sabino, Block Club Chicago, 6/16/22
- Austin’s Laramie State Bank Is Becoming A Museum. But First, It Needs Emergency Repairs To Fix Severe Water Damage; The building has rapidly deteriorated since it was foreclosed in 2012. In the coming years, it will be transformed into a museum, a business incubator and a café, Pascal Sabino, Block Club Chicago, 11/11/21