2006/07/Cdc Approves 8m In Tif Money For 188 W

Approval to fund redevelopment moves to full city council

(Chicago,IL)-The Chicago Community Development Commission on Tuesday approved $8 million in tax-increment financing to help pay for the redevelopment into apartments of a crumbling office tower at 188 W. Randolph St.The 47-story Gothic tower, infamous for its falling terra cotta several years ago, will undergo a $78 million renovation by Michigan-based apartment investor Village Green Cos., which bought the property with local firm Everhardt & Nesis Co. last year.

Under a redevelopment agreement with the city of Chicago, Village Green plans to convert the office space into 297 apartments, 20% of them affordable to lower-income residents.

The request for tax-increment financing must be approved by the Chicago City Council. A company spokeswoman says the company plans to begin in the project in first quarter 2007.

Built in 1929, the high-rise drew the ire of City Hall in 2001, when chunks of terra cotta from the building began falling off. The property went into bankruptcy in 2002 and was auctioned off last year.July 12, 2006By Alby Gallunagallun@crain.com