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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.

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