WIN: Class L Tax Incentives Approved for Flatiron Building Renovation

“Tax incentives have been approved for the Flatiron Building at 1579 N Milwaukee Avenue in Wicker Park. Located at the heart of the neighborhood on its six-corner intersection, the artists lofts-filled structure most recently saw the closures of Bank of America and Debonair Social Club on its first floor. The Class L tax incentives were approved by the Commission on Chicago Landmarks earlier this month.

“Opened in 1913, the three-story building is wedged between Milwaukee Avenue to the south and W North Avenue to the north. It was originally built to be an office building designed by famed-firm Holabird & Roche, before becoming an artists mecca in the late 1960s and later bought by the same owners of the Fine Arts Building in 1993. In 2022 it was purchased by Savas Er and Buzz Ruttenberg under an LLC, with plans to keep its current programming.

“The tax incentives will be used to offset a $4.2 million renovation. The work will include a new roof membrane, a ductless HVAC system for the top two floors as well as electrical and plumbing upgrades. Another major aspect of the work will be new storefronts for multiple ground-floor commercial spaces to match the original design. Rounding off the renovation will be a new sprinkler pump and fire alarm system and updated elevators.

“The tax $4.1 million incentive itself will play out like others we’ve seen over a 12-year period; with the building being taxed at 10 percent for the first 10 years, 15 percent for year 11, and 20 percent for year 12 before returning to the standard 25 percent. The incentive must now be approved by City Hall, with work expected to begin early next year and take around a year to complete.” (Achong, Chicago YIMBY, 11/27/23)

Read the full story at Chicago YIMBY

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