The Commission on Chicago Landmarks today recommended an official landmark designation for the Near West Side's Holden Block as part of a proposed rehabilitation project.

The building at 1027 W. Madison St. is one of the last remaining commercial building of its type in Chicago, according to the Commission's designation report. Currently vacant, the four-story structure was built in 1872 as a commercial loft, once the standard building style along Chicago's main business streets. Its cream-colored, limestone façade possesses numerous Italianate details that exemplify the once ubiquitous building style, especially in the years following the Great Chicago Fire, the report said.

A proposal to rehabilitate the building's historic features and add modern amenities was also approved by the Commission. The proposed exterior work includes façade repairs and the addition of historically inspired windows and cornice. The proposed interior work includes new exit stairs, a new elevator, new bathrooms, and all-new mechanical, plumbing, electrical, and fire-protection systems.

The $5.4 million project by 1027 Madison Partners would be assisted by the Class L property tax incentive that's available to official Chicago landmarks. The incentive, valued at more than $1 million over the next 12 years, would lead to the building's occupancy by a 65-person advertising firm.

The Commission's recommendations will be forwarded to the Chicago City Council for consideration.

The Commission on Chicago Landmarks is a nine-member board responsible for recommending properties for possible landmark designation to City Council. Established in 1968, the board also reviews proposed work affecting designated landmarks and landmark districts. The Commission is staffed by the Historic Preservation Division of the Department of Housing and Economic Development.   

As of Jan. 1, 2011, 349 Chicago landmarks have been designated by the City Council, including 296 individual designations and 53 landmark districts. Some 9,500 properties are protected by the ordinance.