City Council approves Class L for office conversion at 900 W. Lake

The Chicago City Council has approved a Class L application for the redevelopment of 900 W. Lake into offices. Planned by Fulton Street Cos, the brick and timber structure built in the 1880s was home to the original Schwinn bicycle factory. The structure was converted into the Lake Street Lofts in 1999 but has now sat vacant since 2022.

Designed by FitzGerald, the renovation will convert the six-story building into 14,000 square feet of ground-floor retail space with 92,000 square feet of office space on the upper floors. The basement will be converted into 75 parking spaces.

As part of the renovation, the building’s storefronts and entrances will be preserved and repaired as needed. Windows will be repaired and replaced where necessary. On the roof, the building’s roofing will be replaced, and parapets will be repaired. On the interior, a new stair and elevator core will be built into the north end of the building to serve the office floors. 

With City Council approval secured, the $77.3 million development will receive a Class L tax incentive that is expected to result in a projected tax savings in the first 12 years of $9 million. 

The project has already received its renovation permit, so general contractor Skender can begin work inside the building. Construction is reportedly anticipated to begin this summer and finish within two years.