TIF Approved for Landmark Armour Building Restoration as Mixed-Income Housing
The residential conversion of the landmark Armour Building in Bronzeville will receive $5.5 million in Tax Increment Financing (TIF) assistance under a financial proposal approved today by City Council.
The $36.8 million project, proposed by MCM Co. and Emerald South Economic Development Collaborative, will create 102 apartments in the Romanesque building, including 21 units that will be made available at affordable levels.
Located at 3300 S. Federal St., the four-story structure was completed in 1893 as the Armour Institute of Technology, a predecessor to the Illinois Institute of Technology. It has been vacant and underutilized for approximately 20 years. It was designated by City Council as a City Landmark in 2004.
The project will restore the building’s protected features under the Landmarks Ordinance, including its exterior elevations, rooflines, and the stained-glass window memorial to Chicago meatpacker Philip Armour.
The project is expected to create more than 150 construction jobs.