City ordinance will help ‘Excalibur’ building get property tax break
Loop North News

(Above) 1963 photo by Cervin Robinson of 632 North Dearborn Street. Click on image to view larger version.

The 125-year-old Chicago landmark is being renovated and will re-open in December 2018 as a restaurant and nightclub.

3-Jul-17 – A $22 million project to renovate the former Excalibur nightclub at Dearborn & Ontario in River North will get a property tax break under a city ordinance introduced by Mayor Rahm Emanuel.

The ordinance, introduced on June 28, would authorize a Class L Property Tax Incentive for 632 North Dearborn Street, an official Chicago landmark since 1997. The incentive, offered by Cook County, lowers the assessment rate for 12 years of a landmarked building provided its owner invests at least half of the building’s value in an approved rehab project. Instead of an assessment rate of 25 percent, with a Class L incentive, the rate would be ten percent for the first ten years, 15 percent in the 11th year, and 20 percent in the 12th year.

The Commission on Chicago Landmarks has recommended the project be approved for the tax incentive and the Department of Planning and Development has determined the project is eligible. Support from the Chicago City Council is also required.

The four-story Romanesque building was constructed in 1892. It has been the headquarters of Chicago Historical Society, the Chicago office of Works Progress Administration, a Loyal Order of Moose lodge, The Institute of Design, a recording studio, home of the men’s magazine, Gallery, and a series of nightclubs, including Excalibur from 1989 to 2012.

More recently, it was Castle Chicago, which closed on January 3, 2015. It had been a tenant of the building since it sold on April 30, 2014, for $12.5 million to Chicago’s Four Corners Tavern Group, co-founders of which, Andy Gloor and Matthew Menna, are principals of commercial real estate company Sterling Bay.

Andy Gloor Matthew Menna The new owners estimate renovation of the building, inside and out, will cost $22,370,624.

Andy Gloor (far left) and Matthew Menna.

Exterior work includes removal of the sign at the corner, replacing the front doors, replacing an asphalt shingle roof with roofing that looks like slate, and repair and cleaning of masonry, granite, and terra cotta.

Inside, walls that are not load-bearing are being demolished, along with ceilings and stairs. Concrete and steel structural elements are being repaired. The fire protection system, including sprinklers, will be new. New elevators and exit stairways are being installed. Gas, water, and electrical services will be upgraded.

All the work must be reviewed and approved by the Commission on Chicago Landmarks.

 Previous story: Castle closing; third nightclub in building’s 122-year history

By Steven Dahlman | Loop North News | sdahlman@loopnorth.com

Published 3-Jul-17 3:40 AM

Loop North News

FREE WEEKLY EMAIL UPDATE

See what’s news in the Loop
and Near North neighborhoods of downtown Chicago.

Signup for our weekly email. No ads and no charge. Just enter your email address here...

Number of subscribers:
See this week’s update


Today
Shoreline Sightseeing and Paulina Market present their sixth annual Beer, Brats and Boats Oktoberfest celebration and cruise. The evening will feature a classic German dinner provided by the staff of Chicago’s own Paulina Market and a selection of Oktoberfest brews, including a free drink with souvenir beer stein. The popular Paloma Band will be dressed in their traditional Oktoberfest finest and ready to involve everyone on board in an evening of enthusiastic German-themed singing and dancing. All on a starlit, two-hour cruise on Chicago’s waterways. Cash bar available. 7 p.m., Polk Bros Park at Navy Pier. Tickets: $59. Must be 21. Map. More info.

Through Sunday
19th annual World Music Festival. Diverse international musicians will celebrate the rich cultural diversity of Chicago. Performances at 23 venues. Cost: Free. Map. More info.

Through Sunday
The summer blockbuster exhibition Takashi Murakami: The Octopus Eats Its Own Leg at Museum of Contemporary Art. Known for his collaborations with pop icon Kanye West and fashion house Louis Vuitton, and for vibrant anime-inspired characters, Japanese artist Takashi Murakami has blurred the boundaries throughout his career between high and low culture, ancient and modern, East and West. MCA presents a major retrospective of his paintings, featuring 50 works that span three decades of his career, from the artist’s earliest mature works, many of which are being shown in North America for the first time, to his recent, monumentally scaled paintings. Museum of Contemporary Art, 220 East Chicago Avenue. Map. More info.

More events

S&P 500
2,500.60 7.64

NASDAQ COMPOSITE
6,422.69 33.35

LOOP/NORTH
44.55 0.05

Biggest Gainers & Losers

LITTELFUSE INC.
188.23 2.04

NORTHERN TRUST CORP.
90.84 1.16

CENTURY ALUMINUM CO.
19.39 0.99

Downtown Chicago Stocks