TIF Loan Will Support Loop Office-to-Hotel Conversion Project

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.