September 10, 2014

Property Tax Incentive Will Enable Loop Hotel Conversion


The historic Roanoke Building at 11 S. LaSalle St. will be rehabilitated into an extended-stay hotel through a property tax incentive approved today by City Council.

11 S. LaSalle Hotel Partners LLC will use the Class L incentive to support the $88 million conversion of the 35-story office building into a Residence Inn by Marriott. Interior renovation work will involve the creation of 375 suites, new mechanical systems, an open lobby and meeting rooms. Exterior work will include the restoration of the historic steel windows on the lower floors, replacement of the upper floor windows, masonry repair, a new LaSalle entrance and the addition of a green roof.

Built in stages between 1915 and 1925, the 330,000-square-foot building was designed in the Portuguese Gothic Revival style by the architectural firm of Holabird & Roche. The building's exterior features dark terra cotta with Italianate designs. It was designated a Chicago Landmark in December 2007 and is listed on the National Register of Historic places.

The Class L incentive encourages the preservation and rehabilitation of landmark buildings. The incentive will reduce property taxes on the building by $13.8 million over the next 12 years.

An estimated 200 construction and 75 permanent jobs would be created by the project.


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