Class L property tax incentive will support the $5.7 million rehabilitation of an historic commercial building at 312 N. Carpenter St. on the Near West Side under a plan approved today by City Council.

MC ASB 312 Carpenter LLC will use the Class L incentive to support a comprehensive rehabilitation of the three-story building’s interior and exterior into retail stores and office space. Improvements will include façade repairs, new storefronts and windows, a rear addition, rooftop deck, green roof, building system upgrades, and the installation of new sprinklers.

The Class L incentive, which encourages the preservation and rehabilitation of landmark structures, will reduce property taxes on the building by $3.4 million over the next 12 years. Once leased, an estimated 85 permanent jobs are expected to be created by the project.

Located in the Fulton-Randolph Historic District, the 25,000-square-foot building originally opened in 1893 for the distribution of dairy products.

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