A landmark commercial building at 1113-15 W. Fulton Market on the Near West Side will be supported through a property tax incentive approved today by City Council.
The Class L incentive, valued at $2.3 million over the next 12 years, will support a $10 million rehabilitation of the two-story structure into retail and office space. The work, by CRP/MI West Loop Owner LLC, will include masonry repairs, new windows and storefronts, new systems, a rooftop deck, and repairs to the existing canopy. Up to 45 permanent and 55 temporary jobs are expected from the project.
Located in the Fulton-Randolph Market District and dating to the early 1900s, the 45,000-square-foot structure was designed by architect A.H. Lowden as two separate buildings, one used for manufacturing furniture by the F. G. Baumgart & Co. and the other for weather stripping by D. W. Bosley Co.
The Fulton-Randolph District was designated an official landmark district by City Council in 2015.
The Class L incentive lowers the tax rate on designated landmarks undergoing significant rehabilitation.
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