Property Tax Incentive Approved for Historic Fulton-Randolph Market Building
A Class L property tax incentive will support the $2.1 million rehabilitation of a vacant commercial building in the Fulton-Randolph Market Historic District under a plan approved today by City Council.
The incentive will support 1000 W. Randolph LLC’s comprehensive rehabilitation of the two-story Howard Building at 1000 W. Randolph St. for retail uses. The work will include masonry repairs, a revamp of the storefronts, new windows, mechanical systems and a green roof.
Built in 1923 by the architectural firm of Leicho & Esser, the 23,000-square-foot building served as a commission house for the wholesale marketing of produce and other goods. Its large, street-level loading bays provided for the efficient movement of goods to and from the building.
The tax incentive is valued at $449,000 over the next 12 years. Once leased, an estimated 60 permanent jobs are expected to be created by the project.
The building is located in the Fulton-Randolph Market District, which was approved as an official landmark district by City Council in 2015. The district is Chicago’s oldest and last remaining public market with an ensemble of historic mercantile buildings that still function to a substantial degree as wholesale produce and meatpacking outlets.
# # #