|Image from Chicagoist|
Yesterday, Chicagorealestatedaily.com reported that the city development panel has approved a $628,000 TIF to help convert the vacant building into the brewery at 2337 S. Michigan:
A city development panel has voted to subsidize a microbrewery in Motor Row on the South Side, where city officials wants to create a entertainment district that will pull in McCormick Place conventioneers. The Community Development Commission on Tuesday approved $628,000 in tax-increment financing (TIF) to help cover the cost of turning a vacant building at 2337 S. Michigan Ave. into the Broad Shoulders Brewery.
A venture led by investor and Chicago Mercantile Exchange member Robert Lassandrello has proposed the $2.5 million project at the southern end of Motor Row, which features an eclectic collection of historic but vacant buildings the city believes are primed to host uses like restaurants, bars and nightclubs. Opening the brewery, a stone's throw from McCormick Place, represents an incremental step in achieving the vision.TIF is a controversial acronym in this city and can be a lightning rod for discussion.
“This is part of what we hope will be the first of the anchor projects down here,” said Ald. Robert Fioretti (2nd), who represents the area in the City Council. Members of the band Cheap Trick want to create a multi-use venue in the area, and Mr. Fioretti said boutique hotel operators, which he declined to name, are interested as well.
With that said, what do you think? Should Broad Shoulders Brewery get a TIF? They're definitely a pioneer down on that stretch and could help the city fulfill their dream to turn this into a entertainment district.