Poter Construction & Development will pay the city $200,000, a write-down of $1.3 million, for the 71-year-old Klee Building at 4001-13 N. Milwaukee Ave. Another $800,000 could come from tax increment financing, according to the city's department of planning and development.

The project includes 20,000 sf of first-floor retail space and 64 condominiums, with 13 of them set aside for low- and moderate-income buyers. A 20% affordable housing set-aside was a requirement in the department's request for proposals.

In addition to rehabbing the five-story, triangular-shaped building, the project also includes construction of a five-story building to the north and a one-story building on Cicero Avenue, which makes up the Six Corners intersection with Irving Park Road and Milwaukee Avenue.

Potential takers for the retail space include a bookstore, record store or restaurant, according to the department of planning and development.

"I am thrilled that we are breathing new life into an historic building that plays such a large part in the identity of the Portage Park neighborhood," says 45th Ward Ald. Patrick Levar.

Once occupied by doctors and lawyers, the Klee Building was acquired by the city nearly three years ago.