The historic Davis & Rankin Building on the Near West Side would undergo a $77 million commercial rehabilitation through a Cook County Class L property tax incentive proposed to City Council today by Mayor Brandon Johnson.

Completed at 900 W. Lake St. in 1887, the six-story structure originally housed the Davis & Rankin dairy supply company before being expanded in 1894 for the Arnold Schwinn Co., the Zimmerman Brush Co. and other tenants. In 1999, the 127,000-square-foot building was converted to condominiums and, in 2015, it was included in the Fulton-Randolph Market Historic District. It has been vacant since 2022.

920 W Lake Street Owner LLC plans to invest $77.3 million to improve the building with 92,000 square feet of office space, 14,000 square feet of retail space and basement parking. The work would include upgrades to the roof, elevators, entrances, windows, interior common spaces, fire protection system and other features.

The Class L incentive is valued at $9.1 million over its 12-year term. The project is estimated to create more than 300 construction jobs and 320 permanent jobs.

The Class L incentive encourages the preservation and reuse of designated City landmarks.