Twain Financial Partners announced the successful financing of $18mm in Federal Historic Tax Credits (HTCs) that will help restore the former Chicago & North Western Railway Company Building located at 226 West Jackson Boulevard in Chicago, IL.
The property is a 238,000 square-foot, 15-story, historic office building located in the heart of Chicago’s Central Business District. Centrally located in Chicago’s dominant West Loop neighborhood, the building is directly across the street from Willis Tower and a short walk to the Old Chicago Post Office. The building was originally constructed in 1904 as the headquarters of the Chicago & North Western Railway Company and was previously home to City Colleges of Chicago until February 2018. The building still houses the French Pastry School but is otherwise vacant.
Twain’s funding will assist in transforming the building into a 350-key dual-branded hotel operating under the Canopy by Hilton and Hilton Garden Inn brands. Construction is scheduled to begin in November 2019 and expected to complete in the spring of 2021.
The project’s lead sponsor is Phoenix Development Partners, a seasoned regional real estate development and investment firm with a strong track record of success across various asset classes and project types.
“The restored property will include a new 4,800 square-foot rooftop restaurant, bar and meeting space plus 2,100 square feet of outdoor terraces offering sweeping views of the city,” said John Mangel, Founder and CEO of Phoenix Development Partners.
“Twain is dedicated to investing in the preservation of historic buildings,” said Will Purdy, Director of Business Development at Twain Financial Partners. “Using HTCs to repurpose this incredible building will make a significant impact to the already thriving West Loop neighborhood.”
Learn more about Historic Tax Credits.