LINCOLN SQUARE — A former US Bank Center in Lincoln Square that caught fire three years ago will reopen this summer as a mix of apartments and retail space.
The 11 market-rate apartments will consist of studios and two-bedroom units. Leasing will start by mid- to late summer, according to a chamber news release. Rents were not immediately available.
A 2020 fire damaged the building, according to CBS2.
The renovated building is near the heart of Lincoln Square and the Western Brown Line stop. The developer used the 2019 Lincoln Square Master Plan as a guide in the renovation plans, said Ian Tobin, the chamber’s vice president and director of community development.
“Building up around the Brown Line Station will create more vibrancy for the neighborhood and increase foot traffic to our businesses,” Tobin said.
The development also complements coming affordable housing next door at 4715 N. Western Ave. that was approved last year, Tobin said.
Rany Management is a family-owned real estate company founded in the ’80s that offers Chicago rental properties like apartments and commercial space on the North Side.
“This project is a tremendous investment into the future of the community that I am proud to have been involved in for many years,” said Nicholas Yassan, Rany’s president and managing partner. “This new property will have long-term owners and value for Lincoln Square. We are honored to be a part of this addition to the neighborhood.”
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