The historic W.M. Hoyt Co. warehouse in Armour Square would be converted into a hotel and grocery store, among other uses, through a Cook County Class L property tax incentive proposed to City Council today by Mayor Brandon Johnson.

The $40.8 million project by 465 W. Cermak LLC would rehabilitate the 300,000- square-foot structure at 465 W. Cermak Road as a 150-key hotel with a restored entrance lobby, new swimming pool, and spaces for a supermarket, retailers and restaurants.

The incentive would reduce the taxes on the five-story property by an estimated $15.5 million over its 12-year term.

Constructed in 1909 for grocery wholesaling and vacant for the last five years, the warehouse is one of four contributing industrial buildings to the Cermak Road Bridge District, which was landmarked by City Council in 2003.

The project is estimated to create 500 permanent and 300 part-time jobs. Operators for the hotel and grocery spaces are yet to be finalized.

###