The historic Davis & Rankin Building on the Near West Side will undergo a $77 million commercial rehabilitation through a Cook County Class L property tax incentive approved by City Council today.

The Class L incentive is valued at $9.1 million over its 12-year term for 920 W Lake Street Owner LLC, which is updating the building as 92,000 square feet of office space, 14,000 square feet of retail space and basement parking. The work will include upgrades to the roof, elevators, entrances, windows, interior common spaces, fire protection system and other features.

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.

The building’s return to commercial use 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.