The landmark former Armour Institute technology building will soon become apartments.
The Chicago City Council approved funding for the conversion of the 129-year-old building, Urbanize Chicago reported. MCM Company and Washington Park Development Group are teaming up on the redevelopment.
Located at 3300 South Federal Street on the Illinois Institute of Technology campus, the Armour Institute building was designed in a Romanesque Revival style by Patton & Fisher. Built in 1893, the building was designated a Chicago landmark in 2004.
Pappageorge Haymes will design the conversion, which calls for 102 new apartments. The building will have 93 studio units and 9 one-bedroom apartments. Of the units, 81 will be market-rate and 21 will be marketed as affordable housing. The building will also have a fitness center, community rooms, bicycle storage and a rooftop deck.
Two external fire escapes will be removed and a new interior stair will be added instead. The developers will also rebuild the existing boiler structure on the southern end of the property to allow for more space in the apartments and common areas. In addition, the masonry facade will be repaired and exterior windows will be replaced.
MCM and Washington Park are financing the project with about $36.8 million from multiple sources. Funding will include $2.3 million in developer equity, $3 million in deferred developer fees, $6.3 million in Historic Tax Credits, $14.7 million in lender financing, $2.5 million in TIF funding, $3 million from a City Grant and $5 million in for funding the project as the joint venture “Community Interest Company.”
While the developers haven’t filed any permits for the work, the council’s approval means work can begin. An official timeline for construction hasn’t been announced yet.
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