CHICAGO-The Chicago Community Development Commission is recommending to the City Council that the Detroit-based Village Green Cos. be selected to redevelop the 45-story Randolph Tower, and receive $34 million in tax-increment financing to assist with the $145 million cost. The apartment company lost its financing last year, and as part of a new funding plan had to ask the city to extend a TIF district to include the tower. The council will likely make a decision on the recommendations sometime in May.

The 80-year-old, prominent office tower was formerly known as the Steuben Club Building, named after a former tenant club of post-World-War-I German businessmen. Village Green bought the property out of bankruptcy in 2005, and plans to convert the tower into 310 apartment units.

Village Green was recommended for the TIF extension, the development selection and the funds because it promises to include 62 affordable-housing units, and also because the city is running out of time to save the structure, a city spokeswoman tells GlobeSt.com. “It’s literally crumbling right in front of our eyes,” she says.

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