TIF Support Proposed for Renovation of Historic Motor Row Building
Mayor's Press Office 312.744.3334
The historic Hudson Motor Co. building in the Motor Row Historic District on the Near South Side would be revitalized as a mixed-income residential, hotel, and retail structure through $10M in Tax Increment Financing (TIF) proposed to City Council today by Mayor Lori Lightfoot.
The $62.5M project by Hudson Michigan Avenue Owner LLC at 2222 S. Michigan Ave. would create 38 mixed-income residential units, an 18-room boutique hotel, and 51,200 square feet of commercial space.
Half of the TIF would be used for the restoration of the building’s historic features. The remainder would be structured as a loan for TIF-eligible expenses with an approximately 4% interest rate.
The project is expected to create 150 permanent jobs and 150 construction jobs.
The 115,000-square-foot structure was designed by Alfred Alschuler and completed in 1922 as a showroom for the Hudson Motor Car Co.