Armour Square Landmark Proposed for Tax Incentive, Rehabilitation
Mayor's Press Office 312.744.3334
The 114-year-old W.M. Hoyt Co. building in Armour Square’s Cermak Road Bridge District would undergo a $40.8 million rehabilitation as a hotel and commercial space through a Cook County Class L property tax incentive proposed to City Council today by Mayor Brandon Johnson.
Built for wholesale grocery sales and storage, the five-story, 280,000-square-foot structure at 465 W. Cermak Road would be reconfigured by 465 Cermak LLC to create more than 200 hotel rooms and office space on the upper floors and restaurant and retail space on the ground floor, among other amenities. Tenants have yet to be determined.
The project is expected to create 500 permanent jobs and 350 temporary construction jobs.
Intended to encourage the rehabilitation of designated landmark buildings, the incentive would reduce taxes on the property by about $15.5 million over the next 12 years.
The Cermak Road Bridge District was designated as an official landmark district in 2006.
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