UPTOWN – A developer wants to replace an old Uptown bank with a five-story apartment or condo building, the latest residential project to come to a booming stretch of Clark Street.
Platinum Homes is seeking city approval to transform the former Byline Bank building at 4701 N. Clark St. into 38 residential units, according to Ald. James Cappleman’s 46th Ward office.
The building would have 29 two-bedroom, two-bathroom units and nine two-bedroom, one-bathroom units. It is unclear if Platinum Homes plans to build condos or apartments. The firm did not respond to a request for comment.
There would be parking for 21 cars and 62 bikes, according to plans released by Cappleman’s office. Renderings show there would be ground-floor retail space in the proposed buildings, with residences with balconies above.
Eight lower-cost units will be included as part of the city’s affordable requirement ordinance.
The project would require a rezoning change from the City Council and has yet to be presented to Cappleman’s advisory zoning and development committee, the alderperson said.
The proposed development would be at least the fifth residential project to come to a two-block stretch of Clark Street in Uptown.
The 4500 block of North Clark Street has four apartment developments underway totaling more than 100 new units. There are two ground-up developments and two redevelopment projects in various phases of construction, including a 56-unit building at 4511 N. Clark St.
In the wake of the development wave, city officials have announced they will do a study of this stretch of Clark Street to see how it can be reconfigured to be more pedestrian-, resident- and business-friendly.
The bank building that could be replaced was built in 2015, according to a property listing. Byline closed the Clark Street location along with five others in the city in 2020, according to Crain’s.
Platinum Homes bought the building in January for $ 929,000, property records show.
Platinum Homes primarily does condo developments on the North Side. The firm’s portfolio includes luxury condos at 2759 W. Lawrence Ave. and 2763 W. Lawrence Ave. in Lincoln Square, 4304 N. Western Ave. in North Center and 2761 N. Kenmore Ave. in Lincoln Park.
Last year, the firm sought approval to bring 12 condos to Montrose Avenue in Albany Park.
Listen to “It’s All Good: A Block Club Chicago Podcast”: