TIF Proposed for Renovation of Landmark Office Building in Uptown
Uptown’s century-old ICA Greenrise building at 4750 N. Sheridan Road would undergo a $20.7 million renovation through $2 million in Tax Increment Financing (TIF) assistance proposed to City Council today by Mayor Lori E. Lightfoot.
Designated a City landmark in 2013, the 130,000-square-foot complex would receive HVAC and mechanical system replacements, terra cotta and masonry repairs, lobby improvements, and ground floor tenant upgrades.
The project is anticipated to create more than 110 permanent jobs and retain 250 existing positions employed by more than a dozen tenants.
The classical revival style building was originally built in 1921 as the headquarters of the Mutual Insurance Co. It is today the largest nonprofit social service center in the Midwest, home to multiple nonprofit organizations serving more than 1,000 clients weekly.