Six North Michigan, the nearly completed conversion of the old Montgomery Ward building at Madison and Michigan, has been approved for an eight-year property tax assessment freeze through the Illinois Historic Preservation Agency, says Patrick Ryan of @properties.
Through the program, the assessed valuations of Six North Michigan’s condos will be frozen for eight years at its level the year rehabilitation began. (Ryan didn’t have any estimates on hand, but I believe rehabilitation began in 2006 or 2007.) After the eight-year freeze, tax values are brought back to market level over a four-year period.
According to the agency’s Web site, qualifying properties must be listed on the National Register of Historic Places or designated by a local historic preservation ordinance, be used as owner-occupied residences or condominiums, have at least 25 percent of their market values spent on rehabilitation, be substantial rehabilitations that significantly improve the condition of the buildings, and be rehabilitated in accordance with standards outlined by the Secretary of the Interior. There’s probably a whole lot of paperwork involved with each step, too.
The final touches to the building’s lounge, fitness center, and rooftop deck should be in place by the second week of May, Ryan says. We’ll make sure to get inside sometime after that.
NewHomeNotebook:
• View our list of new downtown conversions
Related posts:
• Michigan Avenue Matchup: Six North Michigan and Metropolitan Tower (April 10)
• Michigan Avenue Matchup: Comparing $390,000 one-bedrooms at Metropolitan Tower and Six North Michigan (April 11)
• Michigan Avenue Matchup: Amenities at Metropolitan Tower and Six North Michigan (April 13)