Committee recommends abatement for Center City Place rehab at 225–229 South Michigan

The Community Investment Committee voted unanimously to forward a confirming resolution recommending a real-property tax abatement for redevelopment of the building at 225 and 229 South Michigan Street, known historically as the Grand Leader Building (Center City Place).

Joseph Molnar, Assistant Director of Growth and Opportunity, presented the request. Molnar said the approximately 38,000-square-foot building dates to the early 20th century and has been vacant for at least a decade. The proposal by owners RSVG Global Consulting and developers Benjamin and Christina Miller would restore an original stone façade believed to be under a 1960s-era facing, reopen windows, and convert the ground floor to restaurants (including a potential brewery) with hotel uses on the upper floors. Molnar said total investment is a little more than $5.825 million and estimated new employment at roughly 11 full-time positions with an annual payroll just north of $800,000 after project completion.

Molnar presented tax estimates: current annual taxes on the vacant building are about $8,400; post-project annual taxes were estimated at roughly $116,000. Over the life of the abatement, the city would abate about $611,000 while $322,000 would be paid; Molnar said that without the project, taxes collected would be approximately $84,000 over the same period. Christina Miller, a listed developer, was present online and indicated she would attend the full council meeting in person.

No members of the public offered testimony for or against the abatement during the committee hearing. Committee members voted to send Bill 25-13 to the full council with a favorable recommendation; clerks recorded ayes from Committee Member Gooden Rogers, Committee Member Bolden Simpson, Committee Vice Chair White and Committee Chair Warner.