A vacant five-story building in North Lawndale was approved by City Council today for up to $10 million in Tax Increment Financing (TIF) assistance for its commercial redevelopment.

The $40.5 million project by Steans Family Foundation will renovate the approximately 100-year-old building at 4100 W. Fillmore St. and rename it the Fillmore Center. Tenants are expected to include a commercial laundry, a coffee roaster, and a wholesale flower distributor, among other businesses.

The 168,000-square-foot project is expected to create 175 full-time jobs when fully occupied.

The City’s TIF program uses new property tax growth within designated districts to support public and private investment within their boundaries.