WIN: City Council Approves Adopt-A-Landmark Grant and Class L Tax Designation for Mid-City Trust and Savings Bank Adaptive Reuse

Former Mid-City Trust and Savings Bank, 1912, Horatio R. Wilson, 801 W. Madison St. Photo credit: City of Chicago DPD

“The $53.1 million rehabilitation of the Near West Side’s former Mid-City Trust and Savings Bank as a hotel will be assisted by a $1.3 million Adopt-A-Landmark grant and tax incentive approved by City Council today.

“Planned by ECG Madison LLC at 801 W. Madison St., the 82,000-square-foot project will rename the six-story building as ‘The Neighborhood Hotel’ and include space for retail tenants on the ground floor. The grant will largely be used for exterior masonry, window, and roofing repairs.

“The Class L property tax incentive will reduce taxes on the property by $8.2 million over the 12- year term, making the project more financially feasible.

“Completed in 1911 and remodeled in 1928, the bank building was designated an official Chicago Landmark in 2012.

“The restoration project is expected to create up to 10 permanent jobs and more than 60 temporary construction jobs.”

The Former Mid-City National Bank Building was designed by architect, Horatio R. Wilson in 1911-1912, and later remodeled and expanded in 1928, by the architectural firm of Perkins, Fellows and Hamilton. The 1928 remodeling included a reconstructed first-and second-story façade, with a Classical revival-style arcade of large arched openings, clad in limestone. The revisioning and expansion of the building also included a much enlarged banking room on the first floor interior, which replaced a former theater, originally located directly behind the bank building.

The Mid-City National Bank was given a Chicago Landmark Designation in 2012. With this designation the Mid-City National Bank Building was the beneficiary of the expanded and revised Adopt-a-Landmarks program, though a grant offer by the City of Chicago. This resulted with funding for the recreation of the original cornice design which was restored after being lost for decades. The building’s cornice was recreated with glass reinforced concrete-GRFC with this City grant and extends 133’ along Halsted and 126’ along Madison Street, giving the structure a highly finished appearance and restoring the 1928 design.

Preservation Chicago has been in communication with the developer, Jonathan Gordon of Experiential Capital Group and the The Neighborhood Hotel, and fully support the adaptive reuse into a hospitality use. We testified in support of the Mid-City National Bank at multiple hearings. We have been a longtime advocate for many of the Chicago Landmark bank buildings. We applaud The Neighborhood Hotel group and are thrilled to see the Mid-City Bank Building adaptively reused after so many years of vacancy.

Read the full press release at Chicago Department of Planning and Development

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