US Equities chairman Robert A. Wislow was clearly in the minority, outnumbered by various landmark and historical preservation organizations who supported the measure to preserve "Chicago's distinctive front door."

One of the largest real estate taxpayers in the city, US Equities owns its seven-story headquarters building at 20 N. Michigan Ave., which under an ordinance that could be approved by the city council as early as today would be subject to strict rules regarding renovation. The oldest building in the proposed district at 109 years, the former Montgomery Ward's warehouse had a seventh floor added as well as first-floor retail space created.

"Those renovations would not be allowed under the guidelines today," Wislow says. "We should not be landmarking the city back to the 19th Century."

When a long-term lease with a major tenant and co-owner runs out in 12 years, US Equities will likely attempt to replace the building with a 20-story structure, Wislow indicated. Meanwhile, buildings such as the former Blackstone Hotel are being converted to residential use, he adds.

"This building cannot be renovated into a residential building," Wislow says. "This is a building that will become a third-class, decrepit building."

Tax records tend to support that argument. The Cook County Assessor's office already places 59% of the property's value in the land, an indication redevelopment is a likely scenario.

Despite assurances from aldermen that the Commission on Chicago Landmarks would work with US Equities on its renovation plans, Wislow is skeptical, questioning a process that he says included limited public comment, promises that swayed other Michigan Avenue property owners to support the plan and lack of response to his group's recommendations.

Commission on Chicago Landmarks chairman David Mosena says 25 Michigan Avenue property owners support the historical designation, 17 are opposed while three have not responded. "Landmarking does not freeze an area in time, stifling new development," Mosena argues. "Landmark designation would not treat the district as a museum piece frozen in time."

Landmark designation would pave the way for historical investment tax credits and other economic tools, which have been used in such neighborhoods as New York City's SoHo and TriBeCa and the Art Deco area of Miami Beach. However, Wislow says the 25 property owners who support the landmarking were promised both tax increment financing as well as Cook County Class L designation, which 42nd Ward Alderman Burt Natarus concedes are "the antithesis" of each other.

"Thirteen years from now, I think (the commission) will listen to you," Natarus told Wislow. "I don't think they've made the case you can't have change."

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