Property Tax Incentive Approved for Historic Near North Cable Car Building

September 13, 2023

Mayor's Press Office    312.744.9267

The former LaSalle Street Cable Car Powerhouse building on the Near North Side will be revitalized as a sit-down restaurant through a Cook County Class L property tax incentive approved by City Council today. 

The $8.7 million project by 500 N. LaSalle LLC will 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 system repairs and improvements that will 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 will 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. 


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