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Committee backs tax abatements to revive long-vacant Inwoods Building at 425 S. Michigan
Summary
The Community Investment Committee voted to forward two declaratory resolutions (Bills 2,514 and 2,515) recommending vacant‑building and 10‑year tax abatements for 425 South Michigan Street, the historic Inwoods Building. The owner, Penny Hill Homes, plans about $1.44 million in repairs and to reactivate the ground floor.
The Community Investment Committee voted to send two declaratory resolutions (Bills 2,514 and 2,515) to the full City Council with favorable recommendations to support redevelopment of the Inwoods Building at 425 South Michigan Street.
Eric Glavich, Director of Growth and Opportunity, told the committee the downtown property has been vacant for about 25 years and was built in the 1920s. He said the owner, Penny Hill Homes, a female‑owned small developer that purchased the building in 2022, plans to invest roughly $1,440,000 to stabilize and reactivate the first floor and lower level for public‑facing uses.
Glavich said the package includes two separate abatements: a vacant‑building tax…
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