The $22.2 million redevelopment of Wicker Park’s Northwest Tower into a boutique hotel will be supported by a property tax incentive approved today by City Council.
1600 N. Milwaukee Ventures LLC will use the Class L incentive to support the conversion of the 12-story Art Deco building at the intersection of Milwaukee, Damen and North avenues into a 67-room hotel.
To be operated by Grupo Habita World LLC, the hotel is planned to feature a first-floor restaurant, lounges, meeting rooms, a rooftop addition and other spaces that will incorporate an adjacent, 27,000-square-foot warehouse building. In addition to room build-outs, interior rehabilitation work is planned to include lobby and elevator improvements, new building systems, and new fire protection equipment. Exterior work will include repairs to the facade, new windows and the installation of a green roof and exterior lighting.
Completed in 1928, the Northwest Tower was designed as an office building by the architectural firm of Perkins, Chatten and Hammond. It’s located in the Milwaukee Avenue Landmark District.
The Class L incentive is a special property tax assessment classification to encourage the preservation and rehabilitation of landmark buildings. The incentive will reduce property taxes on the building by $3.6 million over the next 12 years.
An estimated 250 construction and 150 permanent jobs would be created as a result of the project.
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