Chicago City Wire

The Davis & Rankin Building, a historic structure located on the Near West Side, is set for a $77 million commercial rehabilitation. This development comes as Mayor Brandon Johnson proposed a Cook County Class L property tax incentive to the City Council.

Originally completed in 1887 at 900 W. Lake St., the six-story building initially served as the home for the Davis & Rankin dairy supply company. It expanded in 1894 to accommodate other tenants, including Arnold Schwinn Co. and Zimmerman Brush Co. In 1999, it was converted into condominiums and later became part of the Fulton-Randolph Market Historic District in 2015. The building has remained vacant since 2022.

920 W Lake Street Owner LLC intends to invest $77.3 million to revitalize the building, adding 92,000 square feet of office space, 14,000 square feet of retail space, and basement parking. Planned upgrades include improvements to the roof, elevators, entrances, windows, interior common spaces, fire protection system, and other features.

The Class L incentive is valued at $9.1 million over its 12-year term and aims to support the preservation and reuse of designated city landmarks. The project is expected to generate more than 300 construction jobs and provide employment for 320 permanent positions.