TIF Approved for Redevelopment of Humboldt Park's Landmark Pioneer Bank

April 19, 2023

Mayor's Press Office    312.744.3334

The former Pioneer Bank building in Humboldt Park will be redeveloped as a commercial office building through $13M in Tax Increment Financing (TIF) assistance approved today by City Council.

The $21.2 million project, led by Park Row Development, was selected in November 2021 as the winning response to a Department of Planning and Development (DPD) Request for Proposals (RFP) issued as part of the INVEST South/West planning initiative.

The project will repurpose the vacant, 50,000-square-foot bank building at 4000 W. North Ave. into a mix of office and community incubator workspaces. Ground floor tenants are expected to include two nonprofits: BTEC, which specializes in workforce management and career training, and Arquitectos, a networking and professional resource organization for Latino architects. Upper floors will serve as headquarters for the architecture firm JGMA, a co-developer of the project. JGMA intends to relocate 50 jobs to the site.

The former Pioneer Bank Annex building at 4008 W. North Ave. is planned to be used as a community café and restaurant. A planned second phase of the project will add affordable housing to a one-acre parking lot north of the former bank.

Built in 1924, the Classical Revival-style Pioneer Bank building was designated as an official Chicago Landmark in 2012.


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