February 10, 2008

IBM Building gets landmark status

Category: Downtown Condos. Posted by Mike at 5:34 pm.

The Chicago City Council has approved landmark status for the IBM Building. The historic building is located at 330 North Wabash.

The owner of the building, Prime Group Realty Trust, is looking to renovate the building, but was unable to cover the cost of the renovation. The city’s decision to give the building landmark status means tax breaks for the property that make a planned renovation financially viable.

The developer is planning a $180 million renovation of the building that would convert the space from offices into a luxury hotel. A total of about $20 million in tax breaks will be seen as a result of the building’s new landmark status in just over a decade.

The proposed renovation of the IBM Building into luxury hotel space is one of several hotel conversions underway around the downtown Chicago area. Several major brands are currently working on developments around the city. The Trump hotel recently opened the first rooms, and several other luxury brands will be opening their doors in the coming months.

These hotel developments are also offering Luxury Chicago Condos For Sale, giving many Chicagoans the opportunity to enjoy lavish amenities.

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