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City Council to Weigh Landmark Status for Former Railroad HQ
The $137-million adaptive reuse of the former headquarters for the Chicago & North Western Railway Co. in the West Loop would be supported by an official Chicago landmark designation and property tax incentive introduced to City Council Wednesday.
Completed in 1905, the building at 226 W. Jackson Blvd. is considered one of downtown’s finest structures designed in the Classical Revival-style.
The building was purchased in 2019 for $32.7 million by Phoenix 226 Central Loop Owner LLC, which is converting it into a 350-key, dual-branded Hilton hotel.
The proposed landmark designation, recommended by the Commission on Chicago Landmarks last week, would protect the property’s exterior features from significant alteration or demolition. The proposed property tax incentive, which encourages the preservation and rehabilitation of landmark structures, would then reduce property taxes on the building by approximately $20 million over the next 12 years.
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