The Illinois Institute of Technology has sold the historic Main Building — the oldest structure on its campus — for redevelopment as an apartment building.
Private developers purchased the 125-year-old building last week for an undisclosed price, with plans to create 102 one-bedroom rental apartments. The $20 million redevelopment is seeking federal tax credits for historic preservation.
"Absent this tax credit, this building would be torn down, because the financing is already very tight for us to make it work," said Ghian Foreman, a principal with the Washington Park Development Group, which is partnering with MCM Co. on the renovation.
Built in 1892, the ornate five-story red brick and terra-cotta building was named a Chicago landmark in 2004. It has been a de facto South Side landmark for much longer, rising up across the Dan Ryan Expressway from the White Sox stadium, now known as Guaranteed Rate Field.
The building was an original centerpiece of the Armour Institute of Technology, which was funded by the Chicago meatpacking family. The school became IIT in 1939 and took its place as an modern architectural powerhouse under Ludwig Mies van der Rohe, who designed much of the campus, which is on the National Register of Historic Places.
Features of the Main Building, which housed classrooms and offices throughout its history, include large stained glass windows, Egobet as well as intricate ornaments and carvings along the facade. It has been vacant since 2012.
Foreman, 43, said the redevelopment will preserve the historic facade but will essentially gut the building.
"The building is in beautiful shape visually, but the bones of it need some work," Foreman said.
Plans include 102 one-bedroom apartments, a fitness center, a community room and a green rooftop deck, among other amenities. The building will be one of the first market-rate rental developments in the Bronzeville neighborhood, Foreman said.
"This project will honor the architectural legacy of Main Building while providing unique housing options for our students, young professionals, and others who want to live near our historic campus in Bronzeville only minutes from downtown," IIT President Alan Cramb said in a news release Monday.
The Main Building was placed on Preservation Chicago’s seven most endangered buildings list in 2015. Ward Miller, executive director of the not-for-profit group, said selling and repurposing the building is a "very acceptable" solution for preservationists.
"It’s always best when a building can be reused for its original purpose," Miller said. "We feel that at least this preserves the story and it allows a reuse for this structure — even if it won’t be used for academic purposes any longer."
The redevelopment must be approved by city, state and federal agencies to maintain the building’s historic designation. The Main Building is listed on the National Register of Historic Places as part of a campuswide designation.
Foreman has applied to the bahis siteleri Federal Historic Preservation Tax Incentives program, which offers a 20 percent income tax credit to private developers for the rehabilitation and reuse of historic buildings.
If the National Park Service approves the project, Foreman said he hopes to begin construction in June, with residents moving in by August 2018.
While IIT may seem to be walking away from its history by selling its oldest building, Foreman said he believes it is a blueprint for other colleges to preserve their legacies.
"IIT cannot take advantage of the historic tax credits, which is a valuable tool to help facilitate the redevelopment of these historic treasures," Foreman said. "This is a key tool in saving some of these old buildings."
rchannick@chicagotribune.com
Twitter @RobertChannick
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