Renovating an Old Landmark
One of my favorite old Chicago buildings is going to be renovated.
I’ve long admired the Old Republic Building (307 North Michigan Avenue). Maybe because of its anonymity — it’s not as flashy as the Carbide and Carbon Building (230 North Michigan Avenue)across the street. Maybe because it suits its corner so well. Maybe because I’ve spent any number of hours standing in its shadow waiting for a 151 bus.
Regardless of the reason, I’m happy to note that the City of Chicago has decided to also recognize this venerable piece of architecture.
In the latest newsletter from Alderman Reilly notes that the Commission on Chicago Landmarks has approved a tax incentive to help with the rehabilitation of the Old Republic Building.
“Class L” is a property tax incentive encouraging the preservation and rehabilitation of landmark commercial, industrial, and income-producing non-for-profit buildings. Owners can have their property tax assessment levels reduced for a 12-year period provided they invest at least half of the value of the landmark building in an approved rehabilitation project. While the Class L incentive is a Cook County incentive program, the City of Chicago and the local ward alderman must support granting the incentive.
The Old Republic Building went up in 1925 and was the first high rise in the area now dominated by the Illinois Center.