City of Chicago Department of Planning and Development
07/15/2026 | Press release | Archived content
TIF Loan Would Support Loop Office-to-Hotel Conversion Project
TIF Loan Would Support Loop Office-to-Hotel Conversion Project
July 15, 2026
312.744.9267
The planned office-to-hotel conversion of a portion of the former Harris Trust & Savings Bank complex in the Loop would be facilitated through a $50 million Tax Increment Financing (TIF) loan proposed to City Council today by Mayor Brandon Johnson.
The loan would 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 would be provided from the LaSalle Central TIF district and repaid over a 10-year term.
The hotel would join a $179.2 million conversion project creating 345 mixed-income units within the complex, which was designated as an official City landmark in June 2025, the building was designated an official Chicago landmark.
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