A Class L property tax incentive will support the $21.6 million rehabilitation of an 11-building business complex in the Fulton-Randolph Market District under a plan approved today by City Council.

900 Block I Owner LLC will use the Class L incentive to support a comprehensive reconfiguration of buildings at 912-24 W. Randolph St.,151-85 N. Sangamon  St., and the entire 900 block of West Lake Street as retail and office spaces. The work will include the restoration of historic windows, new storefronts, and masonry repairs. Interior spaces will be rebuilt to accommodate new lobbies, sprinklers, and mechanical systems.

Originally built between 1907 and 1927 and ranging from two to four stories tall, the brick structures served as manufacturing facilities, warehouse buildings and commission houses for the wholesale marketing of produce and other goods. The developer purchased the properties, which were partially occupied by a food wholesaler, in February of 2016 for $32.8 million.

An estimated 400 permanent and 100 temporary jobs are expected to be completed.

The Fulton-Randolph Market District was approved as an official landmark district by City Council in September 2105. Consisting of 87 contributing buildings, the district encompasses Chicago's oldest and last remaining public market occupied by wholesale produce vendors and meatpacking outlets.

The Class L incentive lowers the rate on designated landmarks or a contributing building in a landmark district undergoing significant rehabilitation.

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