Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Uptown Theatre Restoration Will Launch Next Summer
The $75-million restoration of the North Side’s historic Uptown Theatre will begin next summer, the Community Development Commission was told Tuesday. The commission had the restoration on the agenda for its November meeting, in particular the public financing elements of the plan.
As reported by the Chicago Tribune, those public elements will include $13 million in tax increment financing assistance. Other city funds include $14 million in Property Assessed Clean Energy (PACE) financing, and $3 million in Adopt-a-Landmark Funds.
Most of the remainder will come from investments by Farpoint Development and Jam Productions, which are collaborating on the project, and a commercial bank loan.
“The Uptown Theatre is more than a theater. It’s an iconic community anchor,” Mayor Rahm Emanuel said when Farpoint and Jam announced their plans this past June.
The 93-year-old landmark has sat vacant and mostly closed to the public for more than 35 years.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
