“The Commission on Chicago Landmarks has approved the Class L tax incentive for the adaptive reuse and conversion of 111 W. Monroe. Planned by Prime/Capri Interest, LLC, made up of The Prime Group and Capri Investment Group, the developers acquired the building from BMO in the summer of 2022. Consisting of three adjoining structures, the proposal will rehab two of them, with the third structure which sits along S. LaSalle St set to hold the state workers moved from the Thompson Center, another development from The Prime Group.
“With Stantec on board for the design, the building will be converted into a mixed-use building, set to include 345 apartments, 226 hotel keys, and meeting/event space on the second floor. The roof level will be reactivated by reopening the original Monroe Club as an amenity for residents and hotel guests. The former mechanical penthouse will become a restaurant, with the outdoor deck including a pool.
“The Class L tax incentive will focus on the hotel and retail portions of the project only, with hotel rooms on floors 3 through 10. The building’s facade will be cleaned, repaired, and restored and a large light well will be carved into the back of the building to provide light and air down to interior facing spaces.
“With a $107.5 million development cost for this portion of the project, the Class L tax incentive will provide a tax abatement of $19.4 million over 12 years. With approval from the Commission on Chicago Landmarks secured, the Class L incentive will now require final approval from the City Council. The developers plan to start construction in early 2025 and wrap up work by January 2027.” (Kugler, Urbanize Chicago, 3/26/2025)