South Loop residents have been anticipating the arrival of Broad Shoulder’s Brewing for about a year now. Today, the Community Development Commission approved TIF financing and the business plan is moving forward.
Broad Shoulder’s shared on their Facebook page today that “We would like to add to the article that our building has historical landmark status. It must not only be rebuilt, but rebuilt to look exactly the way it did 60 years ago. This money will aid us in reconstruction and is not a subsidy for the business.”
Chicago Real Estate Daily powered by Crain’s Chicago Business by Micah Maidenberg on August 15, 2012
The Community Development Commission on Tuesday approved $628,000 in tax-increment financing (TIF) to help cover the cost of turning a vacant building at 2337 S. Michigan Ave. into the Broad Shoulders Brewery.
A venture led by investor and Chicago Mercantile Exchange member Robert Lassandrello has proposed the $2.5 million project at the southern end of Motor Row, which features an eclectic collection of historic but vacant buildings the city believes are primed to host uses like restaurants, bars and nightclubs. Opening the brewery, a stone’s throw from McCormick Place, represents an incremental step in achieving the vision.
“This is part of what we hope will be the first of the anchor projects down here,” said Ald. Robert Fioretti (2nd), who represents the area in the City Council. Members of the band Cheap Trick want to create a multi-use venue in the area, and Mr. Fioretti said boutique hotel operators, which he declined to name, are interested as well.