January 27, 2014 – The 85-year-old art deco building at Michigan & Wacker is getting some rehab. The Chicago City Council approved giving 333 North Michigan a $5.5 million break on its property taxes over the next 12 years so it can afford $47 million in renovations now.

The council approved the tax breaks on January 15.

Improvements will be made to the lobby and elevators. A new sprinkler system will be installed. The masonry on the outside of the building will be repaired and cleaned, the Michigan Avenue entrance reconfigured, new accent lighting installed, and the roof will be repaired.

The 34-story building was completed in 1928 and designated an official Chicago landmark in 1997.