The 26-story former Chicago Daily News building at 2 N. Riverside Plaza is heading into a Commission on Chicago Landmarks hearing Thursday that could give the Art Deco tower preliminary landmark protection and open the door to public tax relief for a planned $70 million renovation. The proposed designation would lock in protections for the building's exterior, its riverfront plaza, and the Jazz Age lobby and concourse spaces that have made the property a Loop favorite for nearly a century. For neighbors and preservationists, it is a rare shot at formally shielding one of the riverfront's most visible interwar landmarks.
As reported by the Chicago Sun-Times, the city's Historic Preservation Division will ask the Commission on Chicago Landmarks to grant a preliminary designation that would trigger review and protections for the 1929 building's most significant features. Architect Thomas Leslie, quoted in the same report, called the move "long overdue." The Sun-Times also notes that a successful preliminary vote could start the process to determine whether the planned work qualifies for a Class L property-tax reclassification.
The Daily News building was completed in 1929 by Holabird & Root and is widely recognized for its sculpted Art Deco limestone facade and the broad public plaza that faces the Chicago River. Preservation Chicago has pushed for protection of the site for years and formally suggested landmark designation last spring. The group's filing emphasizes the building's pioneering use of railroad air rights and the intact decorative lobby spaces that preservationists say deserve city protection.
Owners and the rehab plan
The building's current ownership, 2 N. Riverside Venture, acquired the property in June 2025 and includes Blue Star Properties as a major investor, according to the Chicago Sun-Times. The paper reports that the new ownership is pursuing a roughly $70 million rehabilitation aimed at repairing the facade and updating commercial spaces. Specifics on the scope and schedule are expected to surface at the landmarks hearing.
What a Class L tax break would do
If the commission designates the building and the rehab meets the county's standards for "substantial rehabilitation," the project could qualify for a Class L assessment reclassification that temporarily reduces the taxable assessment on landmark commercial buildings. The Class L program and its eligibility rules are set out in the Cook County code, which ties the incentive to rehabilitation work that meets federal standards for historic preservation. That kind of assessment reclassification can materially lower property-tax bills during the incentive period, improving the project's financial feasibility for developers and lenders.
Next steps and public process
Per the city's Landmarks Ordinance, the commission must post on-site notice and publish a legal notice at least 15 days before the hearing, and the public will have an opportunity to testify at the meeting. If the commission grants preliminary designation, the report and recommendation will then move through further votes and could ultimately require City Council action before final landmark status and any formal incentive approvals are locked in. Additional public comment and follow-up hearings are expected as the process unfolds.
Preservation advocates say the landmark route offers the best path to restoring the building's public spaces and returning long-stored Daily News murals to public view, while allowing the owners to make economically viable repairs. Whether the commission and, ultimately, Cook County will green-light the tax incentive is the question that will determine whether this riverfront icon gets the investment it needs or remains a candidate for speculative redevelopment.
