Landmarks approves Class L for office conversion at 900 W. Lake

The Commission on Chicago Landmarks 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 parking.

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. 

As proposed, the $77.3 million development would receive a Class L tax incentive that would result in a projected tax savings in the first 12 years of $9 million. With approval secured from the Commission in Chicago Landmarks, the application will head to city hall to receive final approval from the City Council. 

Construction is anticipated to begin this summer and finish within two years.