The Chicago Motor Club Building
Address
68 E. Wacker Place
Chicago, IL 60601
Census Tract
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Total Project Cost
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Federal NMTC Financing
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State NMTC Financing
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Project Completion
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Overview
In 2011, Aries acquired the Chicago Motor Club building and adjacent vacant lot for $9.7 million through foreclosure and bankruptcy auction and sought to either develop or sell the property. Aries spent considerable time laying the groundwork with several potential hotel flags, the City of Chicago’s Historic Preservation Department, and the State Historic Preservation office, to maximize the value of the property and to secure a variety of subsidies for the asset. .
Project Financing
Aries sold the vacant lot for $5 million to a developer for a Hilton Garden Inn brand. Aries achieved Federal Historic and City of Chicago Landmark status for the building, qualifying for Federal Tax Credits that total 20% of development costs and a 12-year Class L reduction of the property taxes by 60%, with a combined estimated value of $4.2 million for the new owner. Aries then partnered with a developer to renovate the asset to a Hampton Inn brand.
Community Impact
Aries Capital’s efforts not only created new temporary construction and permanent jobs and generated property and sales tax income for the city and state, the project also preserved an important piece of American history.
