The Chicago City Council recently approved a tax incentive that will support a commercial redevelopment project on the city’s northwest side.
The West Town Center, located at 1275-95 N. Milwaukee Ave. in the West Town community, will utilize a new Class L property tax incentive to support the $17 million rehabilitation of the historic commercial building located in the Milwaukee Avenue Landmark district.
The 80,000-square-foot building was purchased by AGC West Town Center Owner LLC in 2011. The Class L incentive will be used to help rehabilitate the interior and exterior.
The incentive is intended to encourage the preservation and rehabilitation of landmark structures and will reduce property taxes on the building by $1.8 million over the next 12 years.
The building originally opened in 1897 as a Wieboldt’s department store.