A historic Michigan Avenue skyscraper will undergo a $47 million rehabilitation project through a property tax incentive approved today by City Council.

333 Building Corp. will use the Class L incentive to help offset the costs of rehabbing the 35-story, Art Deco-style building at 333 N. Michigan Ave. Designed by Holabird & Roche, the property was completed in 1928. It was designated a Chicago Landmark in 1997.

Intended to improve the 363,000-square-foot building’s commercial viability, the planned exterior work will include cleaning and masonry repair, a reconfigured entrance on Michigan, roof repairs and the installation of accent lighting.

The interior work will include lobby and elevator improvements, building system upgrades, and the installation of new sprinklers.

Exclusively available for landmarks designated by City Council, the Class L incentive will reduce property taxes on the property by $ 5.5 million over the next 12 years.

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