CHICAGO-A vacant Northwest Side industrial building will be converted into 175 condominiums by Dubin Residential. The $56-million project will get up to $8.5 million—15.2% of the total cost—in tax increment financing.

Dubin Residential has had a contract to buy the six-story building at 3963 W. Belmont Ave. for two years, says president and chief executive officer David Dubin. A closing is expected this fall, Dubin tells the community development commission this week. Boston-based Iron Mountain Records Management owns the building, according to property records.

Dubin Residential will restore the façade and replace windows on the historic building while converting the interior to units averaging 1,000 sf, but ranging up to 1,800 sf. While no tenants have been identified, the project will include first-floor retail space, with restaurants, coffee shops and an office supply stores on the list of possibilities. “This project is unique,” says Bill Neuendorf of the department of planning and development.

However, the project in the Avondale community will not qualify for historic tax credits because it is creating for-sale units, says attorney Bernard Citron. “The profit level of this project is about half of the return of a typical project even with TIF assistance,” he says.

Dubin says his company is talking with three potential lenders interested in financing the project. “Financing won’t be an issue,” he says.

Dubin Residential will handle the marketing of the condominiums but will turn over the leasing of the retail space to an outside broker, Dubin says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.