The Chicago City Council has approved tax incentives for four redevelopment projects across the city including Uptown, Humboldt Park, Chatham, and New City. All but one of the developments are new with the other being an extension of an existing credit, the incentive is as follows; commercial developments will be taxed at 10 percent for the first 10 years, 15 percent for the 11th year, and 20 percent for the 12th year before rising to the standard 25 percent thereafter. The two classes in this round of approvals are 6(b) due to new construction and 7(a) for redevelopment under $2 million.
1050 W Wilson Avenue
Since September’s update, structural work has risen by a floor for a new mid-rise building at 4600 N Kenmore Avenue in Uptown. The five-story building has been planned by Cedar St. Companies, whose planned programming will come with 2,500 square feet of ground-level retail and 62 rental units on the upper four floors. The development also encompasses a former bank building located adjacently west. This two-story masonry structure resides under the separate address of 1050 W Wilson Avenue, and will serve as a new performance venue for Double Door Music.
Zoning has been approved for the updated mixed-use development at 4600 N Kenmore Avenue in Uptown. Located on a site at the corner of W Wilson Avenue and N Kenmore Avenue, the proposal consists of the new mixed-use structure at 4600 N Kenmore Avenue and the existing former bank building at 1050 W Wilson Avenue.
The Chicago Plan Commission has approved the updated development plans for 4600 N Kenmore Avenue in Uptown. Located at the corner of W Wilson Avenue and N Kenmore Avenue, the site consists of the new mixed-use development at 4600 N Kenmore Avenue and the existing former bank building at 1050 W Wilson Avenue.