Tax Incentives Approved for Three Neighborhood Rehab Projects

An Austin grocery store, a West Pullman industrial facility and a New City warehouse received City Council approval today for Cook County property tax incentives.

Damen Grocery Inc., the operator of Central Fresh Market at 5567 W. North Ave., was approved for a Class 7(d) incentive for the recent $148,000 reopening of a grocery that had been vacant since 2020. The incentive will provide an estimated $380,762 in savings over its 12-year term.

The Class 7(d) incentive supports the operation of grocery stores in areas lacking access to fresh fruit, vegetables and other foods.

DL3 Realty was approved for a Class 6(b) incentive for the $40 million renovation of a 24.4-acre industrial property at 1001 W. 119th St. The incentive will provide an estimated $3.3 million in savings over its 12-year term.

1120 Exchange LLC was also approved for a Class 6(b) incentive for the $5.7 million renovation and expansion of the property at 1120 W. Exchange Ave. with buildout of a test kitchen, office improvements, roof repairs and a pair of new loading docks for Oak Barrel Corp., Legend Enterprises Inc. and Orion Group. The incentive will provide an estimated savings of $215,884 over its 12-year term.

The Class 6(b) incentive is intended to encourage industrial development, rehabilitation of existing buildings and repurposing of abandoned buildings.