Baum Revision is inching closer toward its redevelopment of the historic Congress Theater in Chicago’s Logan Square neighborhood thanks to the chance of a financial boost from the city.
The City Council’s Finance Committee voted unanimously to provide $27 million in tax-increment financing to help fund the project at 2135 North Milwaukee Avenue, Block Club reported. A final vote of approval is slated for July 19.
The city also approved a three-year extension of the Fullerton/Milwaukee TIF district that encompasses the property. The TIF district was set to expire next year, putting Baum’s plans in serious jeopardy, as the developer was already struggling to attain adequate funding.
Baum’s $88 million vision includes restoring the 3,500-seat theater, which has sat vacant since 2013, while revitalizing the surrounding retail space and apartments, which have also been vacant for over a decade. Once completed, the site will feature 3,000 square feet of retail and 16 apartments, with 14 of them being reserved as affordable housing, the outlet said.
While the recent TIF approval is a big win for Baum, the project presents a steep challenge for the developer. Holes in the ceiling and other structural issues have led to water damage, making the theater unsafe and driving up redevelopment costs.
Given the time, money and work needed to restore the theater, the extension of the TIF district was imperative. Normally, such districts are extended in 12-year increments, but Ald. Daniel La Spata and city officials shortened the terms so it matched up with the project.
“It is the opinion of DPD that the overall market conditions of the area would likely not warrant an extension without these extenuating circumstances,” Tim Jeffries, of the city’s Planning and Development department, told the outlet.
The Congress Theater was built in 1926 and is one of the last remaining theaters tied to the “moving picture theater” operators Lubliner & Trinz. In 2017, it was placed on the National Register of Historic Places.
—Quinn Donoghue
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