The Flat Iron Arts Building in West Town would undergo $4.23 million in rehabilitation work through a Cook County Class L property tax incentive proposed to City Council today by Mayor Brandon Johnson.

The Nare Flat Iron Management project at 1565-1589 N. Milwaukee Ave. would include exterior terra cotta repairs, roof upgrades and the replacement of nonhistoric windows. Interior work would upgrade the main lobby elevator along with fire prevention and plumbing systems.

The building’s uses would continue as retail and entertainment on the first floor and art studios and offices on the upper floors.

The incentive would reduce taxes on the three-story, 63,000-square-foot property by an estimated $4.16 million over its 12-year term. The project is expected to create 27 permanent jobs and 43 temporary construction jobs.

The Flat Iron building was constructed in the 1920s and designed by Holabird & Roche. It is one of numerous contributing buildings to Wicker Park’s Milwaukee Avenue District, which was landmarked by City Council in 2008.

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