Landmarks panel OKs $28M tax break for former Chicago Daily News building

April 3, 2026 - 04:40

A key city panel has approved a substantial financial incentive aimed at revitalizing the iconic former Chicago Daily News building. The Landmarks Commission unanimously endorsed a property tax break estimated at $28 million over a 12-year period.

The measure is designed to support a planned $130 million redevelopment of the historic Loop property. The project intends to convert the vacant office structure into a modern residential building, featuring approximately 400 apartments. A significant portion of these units will be designated as affordable housing.

Proponents argue the tax incentive is crucial to making the complex renovation of the 1929 landmark financially feasible. They emphasize the project will reactivate a long-dormant property, create construction jobs, and add needed housing to the downtown area while preserving the building's historic facade and character.

The proposal now advances to the Chicago City Council for a final vote. If approved, the redevelopment is expected to move forward, bringing new life to a celebrated piece of the city's architectural and journalistic history.