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CHICAGO-A South Shore building used as a set for the movies "Barbershop I" and "Barbershop II" is getting an upgrade. The community development commission recently endorsed $164,902 in tax increment financing to help the owner of an 82-year-old building at 79th Street and Exchange Avenue to do an $819,608 renovation.
Exchange Place, LLC president Patricia Peters plans to create five first-floor storefronts as well as five multifamily rental units on the second floor. She plans to use one of the storefronts to open a coffee shop. Income tax offices, clothing shops and fitness centers are among potential tenants for remaining spaces, according to department of planning and development project manager Lisa Hope-Washington.
Although vacant for many years because of the need for repairs, the two-story building near a Metra commuter rail stop as well as Rainbow Beach was leased by MGM for filming "Barbershop" and its sequel. However, sprucing up by the film company did not last beyond the property's use as a set.
Peters already has lined up a $530,000 loan from New Century Bank and will get the first tax increment financing payment when at least 20% of the retail space and 50% of the residential units are leased. In addition, Peters is expected to get $34,000 in city money through its façade improvement program.
Affordable housing requirements do not apply for projects involving fewer than 10 units, even though city financial assistance is involved, Hope-Washington notes. However, the rental units will be affordable to renters earning 60% of the area median income or less, she adds.
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