Chicago's long-vacant W.M. Hoyt Building, located at 465 W. Cermak Road in Chinatown, is finally slated for an ambitious overhaul. Developer Windfall Group plans to transform the historic property into Pacifica of Chicago, a four-star hotel with offices, a grocery, restaurants, a medical center, a spa, ground-level retail, and a public riverwalk. The Commission on Chicago Landmarks has recommended approving a special property tax incentive to facilitate the redevelopment, according to a Chicago Tribune report.
Windfall Group CEO Eddie Ni envisions the renovated warehouse serving as a gateway to both Chinatown and Pilsen. The extensive renovation is projected to cost between $40 million and $50 million, with the special Class L tax incentive expected to reduce the property's tax assessments for 12 years, making it more affordable to attract new tenants.
(Space Architects + Planners)
The six-story W.M. Hoyt Building, designed in the Prairie-style by Nimmons & Fellows and completed in 1909, was a former wholesale grocery warehouse. The property is part of the landmark Cermak Road Bridge District, which includes several other warehouses across the river in East Pilsen. The district, established in 2006, exhibits the city's forward-looking architecture and celebrates its industrial heritage. Preservation Chicago's Executive Director Ward Miller commended the Windfall Group's proposal and praised the architectural value of the Hoyt Building.
Prior to Windfall Group's acquisition of the property in 2022, the Hoyt Building had seen several failed redevelopment proposals since 2015. These included residential projects and a hotel with a home furnishings store, as mentioned in a Chicago YIMBY article. Despite these setbacks, Windfall Group is determined and plans to break ground by 2024, pending final approvals by the Chicago Plan Commission and City Council.
The Pacifica of Chicago redevelopment plans encompass a variety of amenities aimed at creating a community hub. The current design proposes transforming loading docks serviced by trains, trucks, and barges into open arcades, including one alongside the riverfront.
Judy Ni, Windfall's director of real estate, emphasized the project's potential to act as a destination for both locals and tourists. The location, close to downtown Chicago and between Chinatown, Pilsen, and the burgeoning South Loop, makes it particularly attractive to prospective tenants. Moreover, Chicago's Chinatown is one of the few in the United States that continues to grow, further boosting its appeal to investors.
Robert Habeeb, CEO of Maverick Hotels and Restaurants, also expressed optimism about the planned redevelopment. He highlighted the success of the 148-room SpringHill Suites by Marriott in Chinatown and spoke about the neighborhood's potential as an investment opportunity, as reported by the Chicago Tribune. Furthermore, Habeeb stressed the need for progressive development, and Pacifica of Chicago seems poised to fill that gap.
Should the project secure necessary approvals and funding, Pacifica of Chicago could redefine the historic landscape of Chinatown and invigorate the area's economic growth, while preserving its architectural heritage and respecting the vision of the Cermak Road Bridge District.
