Last week (Friday, March 17), the Industrial Development Board voted to grant the Domain Companies a payment in lieu of taxes, or PILOT, for its new $100 million South Market District tower, the Odeon.
The 29 story apartment tower bounded by Loyola and O’Keefe Avenues and Girod and Julia Streets, will feature 259 apartments, 211 off-street parking spaces, and retail.
The PILOT granted by the IDB allows Domain to pay only the assessed value of the vacant lot, or $34,000 a year. Once the development is complete, the developer would pay a fixed fee of $518,000 per year until 2021, with 3 percent increases after that. In addition to the fixed fee, they will also pay $50,000 per year to the Neighborhood Housing Improvement Fund.
The Odeon joins the South Market District’s other projects, which include the super high-end $80 million condo tower, The Standard, mixed-use projects the Beacon and the Paramount, and the parking garage and retail complex.