Developers proposing to renovate Commerce Tower into a multi-use complex received approval Wednesday from the Tax Increment Financing Commission for another public incentive to help cover cost increases related to building safety and disability law compliance.
The proposed apartment, school and parking garage conversion of the 31-story office tower is scheduled to be done by the end of 2017, but it has encountered cost increases from its initial $71 million estimate.
Developers Commerce Tower Group previously won property tax abatements from the Land Clearance for Redevelopment Authority, as well as federal and state historic tax credits. Developers will continue to ask the city to designate the block at Ninth and Main streets as a community improvement district to put a 1-cent site-specific sales tax toward development costs.
Few office tenants remain in the 1964-era tower.
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The tower now is to be converted to 342 apartments on higher floors, with three educational operations on the lower floors.