The restoration of the historic Congress Theater mixed-use complex in Logan Square as a state-of-the-art live performance venue with ancillary residential and retail spaces will be supported by $27M in Tax Increment Financing (TIF) approved by City Council today.

The $87.8 million project at 2135 N. Milwaukee Ave. by BR Congress and Congress Theater NFP will restore the building’s auditorium, which was closed in 2013 due to building code violations, as a 4,900-seat music venue. The project will also revitalize approximately 13,000 square feet of ground-floor storefronts and 23,000 square feet of commercial space, which will be made available to non-profits and community groups at below-market rates. Additionally, the work will rehabilitate 16 second and third-floor residential units, 14 of which will be rented at affordable levels.

“By renovating historic spaces like the Congress Theater, we are continuing to build vibrant communities and investing in our city’s arts and culture,” said Mayor Brandon Johnson. “I look forward to this space’s transformation and the positive impact it will have on the neighborhood, and Chicago as a whole.”

“I’m proud of the work we have done to secure the funding to revitalize Chicago's iconic Congress Theater and create a new life for this important community space,” said Ald. Daniel La Spata (1st). “We are saving a Chicago landmark while providing good jobs, affordable housing, and small business opportunities for our community.”

Theater operations will be administered by Anshutz Entertainment Group (AEG). AEG, the current owner of the property, will transfer the theater to the developer as an in-kind contribution.

The project is expected to create 125 permanent full-time jobs and 200 construction jobs. Financing will also include more than $9M in federal historic tax credits, $16M in Property Assessed Clean Energy (PACE) proceeds, developer equity, bank debt, and other sources.

BR Congress and Congress Theater NFP are entities created by Baum Revision, a Chicago-based real estate developer.

The Congress Theater complex was constructed in 1926 by Fridstein and Co. in the Classical Revival and Italian Renaissance styles. It was designated an official Chicago landmark in 2002.

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