At 1:00 p.m. the Committee on Economic, Capital, and Technology Development will take up one property tax incentive application the Mayor introduced to help support a new boutique hotel near Midway Airport.
Parth 13, Inc., a corporation owned by Amit Patel, is applying for a Class 7(c) tax incentive for a new Best Western Hotel planned at the site of the former Alamo Car Rental building at 6501-6549 S. Cicero Ave. Part of Best Western’s new upscale lifestyle brand “Vib,” the 31,000-square-foot, three-story, 74-room hotel will cater to business travelers. Other amenities include a cafe lounge, fitness center, and a 2,500-square-foot restaurant.
“With a design intended to reflect the newly-launched brand, along with modern tech amenities, the hotel would be the first to be built in Chicago near Midway in decades, ” according to a press release from the Mayor’s office.
The Class 7(c) incentive reduces the Cook County property tax assessment to 10% for the first three years, 15% in the fourth year, and 20% in the fifth year. Best Western is estimated to save $466,000 in property taxes if the Council approves the designation.
This isn’t the first time this hotel has been brought up at City Hall. In November, the Zoning Board of Appeals approved a special use permit for the hotel. Earlier in 2015, Patel received approval from the Council’s Zoning Committee to build the three-story franchise hotel with 69 rooms.