Twain Financial Secures Financing for Chicago Historic Building
- Nov 08, 2019
Twain Financial Partners has secured an $18 million financing in federal historic tax credits for upcoming renovations at the former Chicago & North Western Railway Company Building. Construction is expected to begin this month and finalize in the spring of 2021. Upon completion, the building will operate as a 350-key dual-branded hotel under the Canopy by Hilton and Hilton Garden Inn brands. Hilton Garden Inn will have 135 keys on the lower floors of the 14-story building while Canopy by Hilton will span 215 keys on the upper levels.
The 238,000 square-foot property is located at 226 W. Jackson Blvd. directly across from Willis Tower and near the Old Chicago Post Office. The project’s lead sponsor, Phoenix Development Partners, announced that the restored property will include a new 4,800 square-foot rooftop restaurant, bar and meeting space as well as 2,100 square feet of outdoor terraces. Phoenix partnered with Green Door Capital Investments to deliver the project.
Originally constructed in 1904, the building was home to City Colleges of Chicago until February 2018, when it became almost vacant with the French Pastry School as the only tenant. In January of 2018, City Colleges announced an agreement to sell the building to Zidan Management Group, which was planning to convert the asset into apartments but the deal fell through.