The HUB / 247 S. State St., Chicago, IL

This project was a redevelopment opportunity with the use of local Tax Increment Financing (TIF) and federal tax credits.  Brijus was selected by the City of Chicago through a request for proposal (RFP) to develop Chicago’s first information technology-specific building as part of a citywide initiative to attract technology firms to the central business district.  The project involved the acquisition of the former Lytton Department Store building, an 18-story, 300,000 square foot structure that was in deteriorating condition and substantially vacant at the time of purchase.  To make the deal feasible, Brijus negotiated $8,000,000 in TIF with the City of Chicago and also had the property certified with the National Department of Park Services as a landmark building, enabling Brijus to sell tax credits.  Brijus then completed a $25 million dollar renovation of the building, including complete gut rehab of the interior, full facade restoration, new elevators, update of mechanical and electrical systems, installation of multiple high-speed internet access ports, back-up power and the addition of extensive common areas.  Shortly after completion the building was approximately 95% leased.