“An Austin landmark just celebrated the completion of the first phase of its renovation bringing more mixed-income housing to the Soul City Corridor.
“The Laramie State Bank redevelopment project at 5200 W. Chicago Ave. held a ribbon-cutting Thursday on its 78-unit apartment building, the first phase of redevelopment of the landmark bank campus. The nearly $52 million project includes 51 affordable housing units, with residents expected to begin moving in next week, project officials said.
“The second phase of the redevelopment will turn the historic but neglected bank building into a business incubator and cafe. Work on the bank building is expected to begin this fall.
“A courtyard connects the residential and bank buildings and includes a space open to the public and available for events. The residential building’s first floor has a public community room, property management office and mail room. Developers said the community space on the first floor, which includes a kitchenette, is ideal for block club meetings, small events and other gatherings.
“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. The redevelopment project will restore the building’s art deco flourishes and architecture, city officials previously said.
“Plans for a blues music museum to be housed in the bank are no longer in the works, officials said Thursday.
“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. It is located on Chicago Avenue’s Soul City business corridor and cultural district and near several recent developments in the area. (Liptrot, Block Club Chicago, 9/11/26)
Preservation Chicago advocated for the Laramie State Bank Building for many years, and with greater urgency after it became vacant following the 2012 foreclosure. We attended many building court hearings to support the building and to prevent its emergency demolition. We named it a 2019 Chicago 7 Most Endangered.
We were in regular communication with the owners and with stakeholders tied to the building, including the alderman and the Cook County Land Bank, and we worked to find private developers with an interest in the restoration and reuse of the building. Preservation Chicago suggested that the Laramie State Bank Building would be an ideal candidate for INVEST South/West, and we were thrilled when the City of Chicago stepped forward.
Preservation Chicago applauds former Mayor Lori Lightfoot and former Department of Planning and Development Commissioner Maurice Cox for selecting the Laramie State Bank for the program, and Mayor Brandon Johnson and Department of Planning and Development Commissioner Ciere Boatright for their support for Adopt-a-Landmark funding. We congratulate Athena Williams and the Oak Park Regional Housing Center.
The Laramie State Bank Building was designed by Meyer & Cook with the Northwestern Terra Cotta Company and built between 1927 and 1929. It was designated a Chicago Landmark on June 14, 1995. After so many years of advocacy, Preservation Chicago looks forward to the restoration of the bank building beginning this fall.
Read the full story at Block Club Chicago
- Affordable Apartment Building Opens In Austin As Part Of Historic Bank’s Redevelopment; The new Laramie State Bank campus includes a new 78-unit apartment building. Work on the bank building is set to begin this fall, with plans for a business incubator and cafe, Michael Liptrot, Block Club Chicago, 9/11/26
- Austin’s Laramie State Bank Renovation Eyes June Opening For New Apartment Building; Michael Liptrot, Block Club Chicago, 3/27/26
- A West Side Landmark Will Be Redeveloped Into A Museum, Cafe, Business Incubator, Affordable Housing; Block Club Chicago, 3/8/21
- WIN: Beautifully Restored Laramie State Bank Will Include Blues Museum, Cafe and Business Incubator; Preservation Chicago
- Laramie State Bank of Chicago; a Preservation Chicago 2019 Chicago 7 Most Endangered
- Laramie State Bank Building, A Chicago Landmark, www.ChicagoLandmarkReports.org
- Austin Laramie Redevelopment; Oak Park Regional Housing Center