Harp manufacturer Lyon & Healy, one of the oldest Chicago companies, has pulled a few strings at City Hall and will be moving from its longtime home on the Near West Side.
It’s not going far, though. The company is moving to the Armitage Industrial Corridor in Galewood, where it plans to increase employment, Mayor Lori Lightfoot’s office said.
At Wednesday’s City Council meeting, the mayor introduced an ordinance to help Lyon & Healy with the move. It would give the company a property tax break worth an estimated $656,330 over 12 years.
The incentive must be approved by the City Council to take effect but is allowed under the county’s property tax rules. Called the Class 6(b) incentive, it reduces taxes for companies investing in vacant or underutilized industrial space.
City records show Lyon & Healy plans a $6 million renovation at 6500 W. Cortland St. The two-story building is the former home of Cobra Electronics. The work is due to start July 1 and be done in August 2024, according to the redevelopment agreement with the city.
Lyon & Healy will move from a five-story loft building at 168 N. Ogden Ave. Lightfoot’s office said the company plans 165 jobs at the new location versus the current 133.
The company could not be reached for comment about plans for its current property in Fulton Market, where developers have been demolishing or retrofitting old industrial buildings in favor of residential or office uses.
Records show Lyon & Healy bought the Cortland Street building from Cobra in 2021 for $4.04 million.
George W. Lyon and Patrick J. Healy founded the company in 1864. Its harps have become the standard for orchestras worldwide.
