Since the Chicago Defender moved on from its former headquarters at 2400 South Michigan Avenue in the mid-2000s, the building's future has been up in the air. The site was acquired shortly after the Defender's departure by a venture headed by restaurateur and developer Matthew O'Malley.
However, in 2011, Chicago Business reported that O'Malley was facing a $3.3 million foreclosure lawsuit from the First Chicago Bank & Trust, relating to an outstanding loan on the property dating back to its purchase in 2007.
In 2014 the building was acquired again, this time by a venture group led by Chicago developer Alexander Pearsall, who reportedly paid $6 million for a bulk lot that included the newspaper's former headquarters as well as a number of smaller commercial buildings adjacent to the property and a parcel of land to its rear. Pearsall quickly moved to lease the building and commercial structures to the Revel Group, an events management and production company based in the Chicago area.
At the time of the sale, Chicago Business reported on Revel's plans to use the building as the cornerstone of a new development at the south end of Motor Row, and as a showcase for future event spaces in the area. Revel president Britt Whitfield outlined plans to redevelop the site into a mixed use building, with a close focus on restoring its original woodworking, stained glass and architectural details.
"Situated across from Chicago’s premiere convention center, McCormick Place, the new venue will help fuel the resurgence of the neighborhood into a thriving entertainment district. Motor Row’s versatile event space will accommodate up to 2,500 for cocktail parties and 1,000 for seated dinners."
I've included some images of the restoration below, courtesy of the Prairie District Neighborhood Alliance. As you can see, the interiors of the building were in pretty bad repair after years of neglect.
The development was originally slated to open in 2016, however that has now been pushed back to April 2017. Revel certainly appear to have kept their promise of celebrating the building's historic features, with heavy reference to both its role as the Defender's headquarters and its former significant as the home of the Illinois Automobile Club prominent in press releases and promotional material. While new images of the interior have yet to be released, renderings of the space offer an exciting glimpse into its potential as a new hot-spot for Motor Row district.