The Fulton-Randolph District was designated an official Chicago Landmark District by City Council in 2015. As a result, designated landmarks undergoing significant rehabilitation within the Designation Chicago Landmark District qualify for the “Class L” incentive which lowers the tax rate.
The landmark commercial building at 1113 W. Fulton Market in the West Loop Fulton-Randolph Market District will benefit from the Class L property tax incentive. Dating to the early 1900s, the 45,000-square-foot building was actually designed by architect A.H. Lowden as two separate buildings. Furniture manufacture F. G. Baumgart & Co. occupied one building and weather stripping manufacturer D. W. Bosley Co. occupied the other.
The “Class L” incentive, valued at $2.3 million over the next 12 years, will help to support a $10 million rehabilitation of the two-story structure into retail and office space. The work will include masonry repairs, new windows and storefronts, new systems, a rooftop deck, and repairs to the existing canopy. Up to 45 permanent and 55 temporary jobs are expected from the project. (Landmarks Division, City of Chicago)
Property Tax Incentive Proposed for Renovation of Fulton Market District Building, City of Chicago, April 18, 2018