A Class L property tax incentive, given to owners who make significant improvements to their landmark properties, will give New York-based Masterworks $3 million in tax breaks over the next 12 years. Another $1.5 million is coming from the North Loop Preservation Fund while tax increment financing will add another $1.5 million to the pot.
The modernistic skyscraper was built in 1928 for Alonzo C. Mather, owner of the Mather Stock Car Co., one of the largest makers of private railroad cars at the time.
"We are proud to have helped restore this piece of our historic skyline, create a new hotel use, and return the tower to its original glory," says department of planning and development commissioner Alicia Berg.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.