A Class L property tax incentive will support the $22.4 million rehabilitation of the former Chicago Historical Society building at 632 N. Dearborn St.

The incentive will support roof and masonry repairs, new building systems, new elevators, the addition of four new exit stairways, and a new sign.

Completed in 1892, the 30,000-square-foot building was designed in the Romanesque Revival style by architect Henry Ives Cobb. It was designated an official Chicago landmark in 1997. Former uses of the building include the Castle, Excalibur and Limelight night clubs. Today owned by 632 N. Dearborn Resco LLC, the building is planned to become a nightclub and restaurant.

The Class L incentive, which lowers the property tax rate on designated City Landmarks undergoing significant rehabilitation, will reduce property taxes on the building by $2.5 million over the next 12 years.

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