City of Chicago Department of Planning and Development
09/23/2026 | Press release | Distributed by Public on 09/24/2026 09:16
TIF Loan Will Support Loop Office-to-Hotel Conversion Project
TIF Loan Will Support Loop Office-to-Hotel Conversion Project
September 23, 2026
312.744.9267
The planned office-to-hotel conversion of a portion of the former Harris Trust & Savings Bank complex in the Loop will be facilitated through a $50 million Tax Increment Financing (TIF) loan approved by City Council today.
The loan will support Prime/Capri Interests LLC's $166.5 million plan to create a 308-key hotel within the complex at 111 W. Monroe St. The 275,000-square-foot project is expected to create approximately 250 permanent full-time jobs and generate $8.3 million in annual hotel and sales tax revenues.
Low-interest loan funding will be provided from the LaSalle Central TIF district and repaid over a 10-year term.
The hotel project joins a $179.2 million residential conversion project creating 345 mixed-income units within the complex, which was designated as an official City landmark in June 2025.
City of Chicago Department of Planning and Development published this content on September 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 24, 2026 at 15:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]