Anyone who was taking a wait-and-see approach to Motor Row Lofts‘ promised incentives may be able to rest a little easier now. The project finally has qualified for the Illinois Property Tax Assessment Freeze Program, meaning that buyers will see a 100 percent freeze on their unit for eight years and further benefit from a partial freeze for an additional three years, says developer Paul Zucker.
According to the Motor Row Lofts Web site, buyers should see anywhere from $3,900 to $11,000 in annual tax savings thanks to the freeze.
Zucker’s corporation, Motor Row Development, last month received a Chicago Landmark Award for its adaptive reuse and exterior rehabilitation of the three Holabird & Roche-designed showrooms at 2301 – 2315 S Michigan Ave in the South Loop’s Motor Row District. Workers are putting the finishing touches on the development’s lobby and top-floor units, Zucker says.
The number of available one- to three-bedroom lofts doesn’t appear to have budged since May. Zucker says he’s ready to “make an aggressive push” to sell off the 27 remaining units, which could result in lower price points than the $230s-$650s range as buyers come to the negotiating table.
I toured Motor Row Lofts with Zucker in early May and brought back the video below.
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