Landmarks approves Class L for Flatiron Building

The Commission on Chicago Landmarks has approved a Class L tax incentive for the Flatiron Building. Located at 1579 N. Milwaukee, the structure is a contributing building in the Milwaukee Avenue District, designed by Holabird & Roche and completed in 1913.

Purchased by NARE Flat Iron Management, LLC in October 2022, the developer plans to retain the three-story structure’s current use of commercial space on the ground floor and artist studios on the upper two floors. 

The building’s renovation work will improve tenant space on all floors. On the ground floor, sections of the building’s commercial storefronts that are currently non historic will be replaced with storefronts that match the original design. A sign on the North Ave elevation will be removed and the terracotta behind it will be patched and repaired.

Renovations will also include roof work, where crews will add a new reflective roof membrane to reduce heat gain. The second and third floors, which currently lack air conditioning, will get new ductless HVAC units. On the ground floor, exterior HVAC units on the commercial storefronts will be removed and there will be further electrical and plumbing fixture upgrades.

For ADA accessibility and life safety, new elevator cabs will be installed in addition to enlarged elevator doors. A new sprinkler pump and fire alarm system will also be installed. 

To meet sustainability requirements, the project will meet a 25% indoor water use reduction, is located in proximity to transit, and will install CTA digital displays.

Approved by the Permit Review Committee last month, the $4.2 million rehabilitation qualifies under the Class L’s minimum investment of $2.67 million. The owner is expected to receive a total tax abatement of $4.1 million over the 12 year period of the Class L property tax incentive. 

With the Commission's approval of the Class L application, the proposal heads to City Hall to get approvals. Construction is anticipated to begin by early 2024 with a one-year construction timeline.