The City Council of Chicago approved a Class L tax incentive for the historic building at 111 W. Monroe Street. The owner, 111 W Monroe, LLC, intends to rehabilitate the property for commercial purposes, specifically for hotel and retail uses. This tax classification encourages the preservation and rehabilitation of historically and architecturally significant buildings, aiming to enhance the character of real estate, increase economic activity, and create employment opportunities. The incentive is conditioned upon the substantial completion of the project and adherence to city policies regarding Minority- and Women-owned Business Enterprises (M/WBEs) and City resident participation in construction. The Landmarks Commission recommended the project for the Class L incentive, confirming it meets the Secretary of the Interior's Standards for Historic Properties. The project is anticipated to be completed by December 31, 2028.