Feb
05

Historic Chicago Real Estate to Become a Landmark

February 05, 2012

If someone asked you to name a landmark piece of Chicago real estate, what comes to mind? A myriad of architectural delights, no doubt, including one that isn’t an official landmark . . . yet.

Beautiful Wrigley BuildingThe Commission on Chicago Landmarks this week recommended that the Wrigley Building receive landmark protection.

The white terra cotta structure and its clock tower, situated proudly at 400 N. Michigan at the south end of the Magnificent Mile, was built in 1921 but never designated a Chicago landmark because its future was secured under the long-term ownership of the Wm. Wrigley Jr. Co.

But the property was sold in September for $33 to a group of investors that includes Chicago residents and Groupon co-founders Eric Lefkofsky and Brad Keywell and the Zeller Realty Group.

The group has said they will invest more than $70 million toward renovations to the building and has promised to stay true to its historic architectural design. The landmark designation will help; with it comes a tax break that will save the new owners about $12 million over 12 years.

Now the full city council must vote on the building’s proposed landmark status.

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