The Chicago City Council approved a Class L real estate tax incentive for the historic Davis and Rankin Building, located at 900-920 West Lake Street and 201 N. Peoria Street in the Fulton-Randolph Market District. This incentive supports the substantial rehabilitation of the vacant building for future commercial purposes, specifically retail and office use. The property was designated a Chicago Landmark in 2015. The owner, 920 Lake Street Owner LLC, plans to preserve and rehabilitate the historic structure. The project is anticipated to be completed by December 31, 2027, and the rehabilitation work must adhere to the U.S. Secretary of the Interior's Standards for the Rehabilitation of Historic Buildings. The total Class L eligible cost for the rehabilitation is $13,767,270. The City also encourages goals for 26% Minority-owned Business Enterprises (MBE) and 6% Women-owned Business Enterprises (WBE) participation, along with 50% City resident hiring.