“The Chicago City Council has approved $67.5 million in TIF funding for the redevelopment of the Bankers Building at 105 W. Adams while also approving the building’s designation as a Chicago landmark. Located at the southwest corner of S. Clark St and W. Adams St, the building is a 476-foot-tall commercial office building located in the heart of the Loop’s financial district and was designed by the Burnham Brothers, Inc.

“Planned by Primera Group Inc, the project will adaptively reuse the building, converting the existing vacant office space on floors 11-40 into 400 new residential units.

“The project will feature 28,888 square feet of commercial space located on the ground and second floor. This commercial space will include neighborhood amenities such as a grocer, restaurant, and complementary uses.

“The existing Club Quarters Hotel that includes 429 hotel keys located on floors three through ten will remain.

“Designed by Pappageorge Haymes, the renovation will include the restoration of the facade which varies in condition from good to poor. Masonry repairs and brick cleaning will be performed. The project will renovate the existing building lobby into the future residential lobby.

“Expected to cost $183.5 million, project funding will include $15.3 million in equity, $76.9 million in debt, $67.5 million in TIF, and $23.8 million in historic tax credits.

“The project’s landmark designation has also been approved by the City Council, officially designating the building as a Chicago landmark and protecting the building from demolition or significant alteration that would go against its historic character.” (Kugler, Urbanize Chicago, 12/4/25)

“Attorney Liz Butler, who represents the Primera-Calabria venture, encouraged the landmark designation today and told members of the commission that the designation ‘advances the landmark ordinance’s broader purposes of preserving the character and vitality of the central area, promoting economic development through rehabilitation and conserving and strengthening the city’s property tax base.’

“Originally dubbed the Bankers Building and known today as the Clark Adams Building, the tower at 105 W. Adams was completed in 1927 and designed by the sons of famed architect Daniel Burnham. Members of the Commission on Chicago Landmarks today agreed the property met three of seven potential criteria to be designated a city landmark, including having a prominent architect, an important style of architecture and its value as a representation of Chicago’s heritage.” (Ecker, Crain’s Chicago Business, 10/9/25)

Preservation Chicago supports this adaptive reuse project. We’ve testified multiple times in support of Chicago Landmark Designation.

Read the full story at Crain’s Chicago Business and Urbanize Chicago

• City Council approves $67.5 million in TIF for 105 W. Adams; The Bankers Building has also been designated a Chicago landmark, Lukas Kugler, Urbanize Chicago, 12/4/25
• The Loop’s Bankers Building Is Now A Chicago Landmark; Part of the building is slated to be converted into 400 apartment units, Melody Mercado, Block Club Chicago, 11/18/25
• Loop tower wins landmark panel OK as legal challenges loom, Danny Ecker, Crain’s Chicago Business, 10/9/25
• Lender seizing distressed hotel in Loop tower set for conversion, Danny Ecker, Crain’s Chicago Business, 8/20/25
• Loop office-to-residential conversion faces fresh challenge, Danny Ecker, Crain’s Chicago Business, 9/16/25
• Preliminary landmark approved for Bankers Building at 105 W. Adams; Floors 11-40 of the building will be converted into 400 apartments, Lukas Kugler, Urbanize Chicago, 7/8/25
• Community Development Commission Approves Funding For 105 W Adams Street, Ian Achong, Chicago YIMBY, 5/15/25
• CDC approves $67.5 million in TIF for 105 W. Adams, Floors 11-40 will be converted into 400 mixed-income apartments, Lukas Kugler, Urbanize Chicago, 5/15/25
• City panel OKs subsidy for 400-unit office-to-apartment conversion, Danny Ecker, Crain’s Chicago Business, 5/13/25
• Bankers Building, 105 W. Adams St. Preliminary Landmark Designation Report, June 2025