A Cook County Class L property tax incentive approved by City Council today will support $4.23 million in planned rehabilitation work at the Flat Iron Arts Building in West Town.

The NARE Flat Iron Management project at 1565-89 N. Milwaukee Ave. includes exterior terra cotta repairs, roof upgrades and the replacement of non-historic windows. Interior work will upgrade the main lobby elevator along with fire prevention and plumbing systems.

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

The incentive will 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 designed by Holabird & Roche and constructed in the 1920s. 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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