New tax incentives have been approved for the mixed-use redevelopment of the Hoyt Building at 465 W Cermak Road in Chinatown. Located along the south branch of the Chicago River on the corner with S Canal Street, the developer fully acquired the building late last year after first buying into it in 2007. That developer is Aurora-based Windfall Group who is working with SPACE Architects + Planners on the new community hub.
Site context of Pacifica of Chicago via Google Maps
Built in 1909 as the warehouse for grocery wholesaler W.M Hoyt, the six-story structure was designed by Nimmons & Fellows in the Prairie-style within the now Cermak Road Bridge District. After multiple failed redevelopment plans, Windfall plans to bring their Pacifica brand to the city while restoring its facade and installing new windows. The site work will include a new vehicle drop-off loop, main entrance, and a small riverwalk.
Current view of 465 W Cermak Road via Loop Net
New elevators will allow for the redistribution of the 300,000-square-foot structure, this will include a grocery store, multiple commercial spaces for retail and dining, a spa, and medical center. The upper floors will be occupied by a new four-star extended stay hotel and office space. The developer also claimed to have purchased some surrounding lots for parking as well as future structures for additional commercial space and further parking.
Rendering of Pacifica of Chicago by SPACE Architects + Planners
With an overall cost between $40 to $50 million, the new Commission on Chicago Landmarks tax incentive will lower the properties taxes for 12 years. Under this the development would be taxed at 10 percent for the first 10 years, 15 percent for the 11th year, 20 percent for the 12th year, before rising to the standard 25 after. Further approvals are required but the developer is set to break ground on the project in 2024.
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Cermak is two lanes at the bridge, widens to four at Grove St, then narrows again under the rail bridge. It would be very beneficial to this intersection to reduce the road to two lanes all the way through and improve the streetscape. This area has so much potential!