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Landmark flatiron building sold in Chicago for $1

By Sandy Sand     Jan 25, 2010 in Politics
Built in 1930, the historic landmark Morris B. Sachs flatiron building in Chicago, Illinois, was sold for the bargain price of $1.
Flatiron buildings are instantly recognizable from their triangular shape, and are usually seen in business districts where they split a main street into a “Y.” The most famous, and possibly the most recognizable is the one in New York City’s Times Square, simply called the Flatiron building.
Chicago’s six-story flatiron in the Logan Square section northwest of the Loop, and has been mostly vacant for nearly 20 years, and is currently is home to a Payless Shoe Store on the ground floor.
A white elephant to the city and expensive to maintain and even more costly to refurbish and convert into other uses, the city opted to sell it for $1. Redevelopment will be overseen by Brinshore Development.
According to a statement by the Chicago Community Development Commission (CDC), it will be converted into the Hairpin Lofts and Logan Community Arts Center, a hybrid of affordable housing, community arts center and retail outlets.
“…a project that combines affordable housing, historic preservation, environmental sustainability, transit-oriented development, and the creation of a community arts center," the CDC statement said.
Funding will come $10.1 million in housing revenue bonds, and more than $7.1 million in tax-increment funding (TIF).
“The TIF's objective is "To help local companies expand and create employment opportunities for Chicago residents," the statement said.
Thirty permanent jobs will be created, and it’s estimated there will be between 150 and 200 temporary construction jobs from the redevelopment redevelopment project.
More about Flatiron building, Historic landmark, Sells
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