Chicago City Council Approves $27M Loan For Congress Theater Redevelopment

The historic Congress Theater in Logan Square, Chicago, is set to undergo a significant redevelopment thanks to a $27 million tax-increment financing loan. Baum Revision, led by David Baum, Mark Waligora, and Scott Goldman, plans to restore the theater and revitalize the surrounding retail space. Additionally, the project will include the creation of 16 apartments, with 14 of them designated as affordable housing.

Summary of Transaction Details

• Property Type: Commercial
• Loan Amount: $27,000,000
• Loan Type: Refinance
• Lender: The City Council's Finance Committee
• Landlord: Baum Revision - David Baum, Mark Waligora, and Scott Goldman

The City Council's Finance Committee played a crucial role in approving the tax-increment financing loan for the Congress Theater redevelopment. Baum Revision, led by David Baum, Mark Waligora, and Scott Goldman, will oversee the restoration process. The redevelopment project aims to not only preserve the historic theater but also bring new life to the surrounding retail space. Furthermore, the addition of 14 affordable housing units reflects a commitment to making the neighborhood more accessible and inclusive.