Property Tax Incentives Would Promote Adaptive Reuse, New Construction Projects on North, South Sides
Cook County property tax incentives proposed to City Council today would enable the redevelopment of four industrial and commercial properties citywide for business uses that will create or maintain than more than 850 permanent and temporary jobs.
- A Class 7(a) property incentive for Double Down Development’s planned Double Door nightclub in Uptown would help convert a former vaudeville house at 1024 W. Wilson Ave. into a live music venue. Planned for the former Wilson Avenue Theater building, the $1.7 million project would rehabilitate the 112-year-old structure as a 700-person music hall that creates up to 60 permanent and temporary jobs. Part of the Uptown Square Chicago Landmark District, the building was converted to a bank in 1919. The Class 7(a) incentive, which is designed to foster commercial investment in designated redevelopment areas, would reduce taxes on the property by approximately $564,000 over the next 12 years.
- A Class L property tax incentive for the former Morton Salt Co. warehouse at 1357 N. Elston Ave. would help convert the historic industrial complex into a commercial and entertainment venue. Planned by the joint venture 1357 Property Owner LLC, the $45.7 million project would create up to 380 permanent and temporary jobs. The complex was built in 1930 and used for the storage, packaging, and distribution of rock salt until 2015. It was designated a Chicago Landmark in June 2021. The Class L incentive, which encourages the preservation and rehabilitation of designated landmark buildings, would reduce property taxes on the complex by approximately $7 million over the next 12 years.
- A Class 6(b) property tax incentive for IDI Logistic’s 178,850-square-foot industrial building in Bridgeport would help create up to 350 permanent and temporary jobs. The $21.1 million project, under construction at 3700 S. Morgan St., is being marketed to warehouse and industrial firms. The 6(b) incentive, which encourages redevelopment of vacant and underutilized industrial sites, would reduce taxes on the 11.9-acre property by an estimated $4 million over the next 12 years.
- A Class 7(b) incentive renewal for Roseland Medical Center, 100-136 W. 111th St, would help the nearly 15-year-old facility to continue to provide health care services to the Roseland community. Constructed for $4.7 million in 2007 and operated by Roseland Medical Center LLC, the complex would undergo $200,000 in tenant improvements to help retain 75 full- and part-time jobs. The Class 7(b) incentive, which is designed to foster commercial investment in designated redevelopment areas, would reduce taxes on the 1.1-acre property by approximately $1.9 million over the next 12 years.