The Heyworth Building, an 18-story office tower located on the corner of Madison Street and Wabash Avenue, will get an $11 million renovation as part of the plan. The building's mechanical equipment will be upgraded and a century of soot and grime will be scrubbed from the building's exterior, revealing the building's reddish brick and terra-cotta exterior. The bronze and marble storefronts will also be renovated and cleaned.
Marc Realty, a well-known buyer of Class C downtown buildings, will be using Class L city tax incentives to save $3 million over 12 years for the 34% occupied Heyworth Building. The Allerton Hotel re-development on Michigan Avenue was the first project to take advantage of the city's relatively new incentives.
The Chicago Varnish Co. Building at Dearborn and Kinzie streets, now the home of Harry Carey's Restaurant, is also being proposed as a landmark site. The two proposals will now be reviewed by the City Council's Committee on Historical Landmark Preservation, after which it will go to the full City Council for final approval.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.