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Chicago & Midwest  + South Side  + Finance  | 

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).