Earlier this year it was revealed that the iconic Johnson Publishing Company headquarters in Chicago would be recognized as a landmark. Now that the structure has been granted landmark status by the city, the building has been sold for $10 million, the Chicago Crusader reported.

The 46-year-old building—which once housed the offices for notable Black publications like Ebony and Jet—was acquired by 3L Real Estate, the news outlet writes.

The developer plans to invest $20 million into transforming the building into a luxury residential complex. According to the source, the building will feature 150 apartments and have amenities that include a fitness center, laundry room, and underground parking garage which was originally constructed by Johnson Publishing Company founder John H. Johnson himself. Rental prices start at $1,200 and go up to $2,700. Joseph Slezak, the founder of 3L Real Estate, says that he plans on preserving some parts of the structure, including the Ebony and Jet signs on the building’s façade.

The reconstruction project is slated to kickoff in 2018 and is expected to be completed the following year. Slezak says that the building will be “a great fit for the neighborhood.” He also noted that his firm often seeks to acquire “unique” structures.

Ownership of the Johnson Publishing Company building has been passed around throughout the years. Seven years ago, Linda Johnson Rice, sold the building to Columbia College who wanted to transform it into a library. In 2016, Columbia College sold the structure.

In February, when there was buzz about the building becoming a landmark, Chicago Mayor Rahm Emanuel referred to it as a “decades-long epicenter of black history and culture” and “part of the legacy of the city of Chicago.”

SOURCE: Chicago Crusader

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