Landmark Tax Incentives Proposed for Loop, Near West Side Buildings

A pair of Chicago landmarks would receive Cook County Class L property tax incentives under proposals introduced to City Council today by Mayor Brandon Johnson.

• The Field Building, at 135 S. LaSalle St. in the Loop, would receive the incentive to support the commercial component of Field Building Revitalization Partners LLC's planned $241.5 million residential conversion project. The project will repair and improve exterior and interior elements including the lobby in accordance with preservation guidelines. The incentive is valued at $4.4 million over its 12-year term.
• 1032 W. Fulton Market on the Near West Side would receive the incentive to support Senator International Property LLC's planned $4.1 million rehabilitation of the building for use as a furniture showroom. The incentive is valued at $1.9 million over its 12-year term.

The Class L incentive is intended to encourage the preservation and rehabilitation of designated landmark buildings and contributing buildings within landmark districts.