Motor Row Redevelopment Wins Key Approval for $10M Tax Increment Financing
Former Chicago Bears defensive end Israel Idonije is a key step closer to turning a historic Motor Row building into a mixed-use complex after a city panel signed off on a $10-million public subsidy for the project, Crain’s Chicago Business reported.
The city’s Community Development Commission unanimously approved the tax-increment financing grant for Idonije’s planned revamp of the landmark Hudson Motor Building at 2222 S. Michigan Ave on Chicago’s Near South Side.
If the taxpayer grant and a corresponding redevelopment agreement are finalized by the City Council, it would help finance a nearly $63-million transformation of the 100-year-old building with 38 residential units, 18 hotel rooms and a series of other elements including a restaurant, event space and a rooftop pool and bar.
“Being the biggest building on the [Motor Row] block, we think we can be a really important part of that acceleration of growth,” Idonije told Crain’s.