Property Tax Incentive Proposed for Historic Near North Cable Car Building
Department of Planning and Development 312.744.9267
The former LaSalle Street Cable Car Powerhouse building on the Near North Side would be revitalized as a sit-down restaurant through a Cook County Class L property tax incentive proposed to City Council today by Mayor Brandon Johnson.
The $8.7 million project by 500 N. LaSalle LLC would utilize the incentive to support exterior and interior improvements for a HawksMoor Steakhouse.
Planned exterior renovations include a new roof membrane, tuckpointing, masonry repairs, window repair, street-level storefront modifications, new light fixtures, and a redesigned canopy over the LaSalle entrance. Interior work includes a variety of structural and building systems repairs and improvements that would accommodate up to 220 seated guests and support up to 145 permanent jobs.
HawksMoor originated in London and opened its first U.S. location in New York in 2021. Intended to encourage the preservation and rehabilitation of City landmarks, the Class L incentive would reduce property taxes on the building by $2.1 million over the next 12 years.
The three-story building was constructed in 1887 as a powerhouse for a cable car system on the Near North Side and Loop operated by the North Chicago Street Railroad Co. The building was designated an official landmark in 2001. It previously housed a Michael Jordan’s and a Gino’s East restaurant but has been vacant since 2020.