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A Class 8 property tax certification extension approved by City Council today will support the ongoing redevelopment of the former Marshall Field’s warehouse complex in the Avondale neighborhood.
The Cook County Class 8 property tax incentive offers reduced assessments for qualifying commercial and industrial properties from the standard rate of 25%. The original Class 8 certification was approved in 2015. The certification extension would last for five additional years.
Built as a production and distribution plant by the Olson Rug Company in the 1920s, the 1.5 million-square-foot complex was acquired by Marshall Field & Co. in 1965 and was used as a warehouse. Macy’s Inc. acquired the property in its takeover of Field’s in 2005 and closed it in 2008. It was purchased by 4K Diversey Partners LLC in 2014.
Today, the facility includes a grocery store, self-storage facility, home design showroom, office space, and apartments. Approximately 440,000 square feet remains available for lease.
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