The Illinois Historic Preservation Tax Credit Program (SHTC) has outlined $9.75 million in tax credits in its first round of funding. One of the first recipients is the 345,000 sq. ft. Beaux-Arts structure at 1835 W. Harrison St., DataBid.com reports, citing Chicago Curbed.
The site of the former Cook County Hospital Administration Building will receive a $3 million award from the tax credit program for its rehabilitation plan.
Redevelopment started last summer for the building for the building that had been vacant for almost two decades. Paul Gerhardt designed the structure in 1914. It is listed on the National Register of Historic Places.
The Civic Health Development Group and Chicago developer John T. Murphy is restoring hospital’s facade and demolish old features to make way for two new hotels, a Hyatt House and Hyatt Place. The initial phase is expected to be completed by 2020. Once completed the renovated building will also include offices, retail, apartments and a technology center. Walsh Construction is the general contractor for the project designed by Skidmore Owings & Merrill (SOM).
Chicago Architecture reports that developers of 24 Illinois buildings were seeking their share of $9.75 million being allocated for preservation projects this year with a dozen of them in Chicago. Three other buildings in Belleville, Hines and Paris also are receiving money from this program.
This is the first year the STHC program is awarding money. It will continue through 2023.This is a new program and it is the first year that it is awarding money.
Bonnie McDonald, president and CEO of Landmarks Illinois, said in a statement that these projects will not only save historic and important places and bring back a sense of pride to many neighborhoods, but will also create jobs and stimulate local economies.
Source: Chicago Construction News Historic Preservation Tax Credit Program allocates million for historic Harrison St. project