A city panel unanimously approved preliminary landmark status for 30 N. LaSalle St., the 44-story skyscraper for which architects Adler and Sullivan's historic Chicago Stock Exchange Building was demolished — causing a civic uproar — in 1972.The Commission on Chicago Landmarks voted 5-0 in favor of the designation Thursday. It also unanimously gave the nod to developer Golub and Co.'s application for a 12-year, $47 million real estate tax reduction under Cook County's Class L program for the redevelopment of landmarked commercial properties."This is bittersweet for many of us," Department of Planning Comissioner Ciere Boatright told the commission before the vote. "But the landmark component is a fundamental part of this project moving forward."The idea of landmarking the 30 N. LaSalle hit a sore spot with some preservationists (and this architecture critic) because the unrelentingly drab tower was built 50 years ago to replace the far superior structure designed by Louis Sullivan and Dankmar Adler in 1894.In addition, the fight to save the stock exchange led to the city's modern preservation movement. It also claimed the life of preservationist Richard Nickel, who was killed in 1972 when a portion of the old building collapsed on him as he salvaged the structure's ornament. A rendering of changes proposed for 30 N. LaSalle St. Provided The city's landmark designation report on 30 N. LaSalle details the building's controversial history and Nickel's death — and uses them to bolster the argument in favor of landmarking the structure."I recognize that this recommendation is challenging, with profound sentiments for the building that 30 North replaces and the unfortunate events that happened at the site," Boatright said. "It's a legacy that reverberates for more than 50 years."But Landmarks Illinois, founded in 1971 in a bid to save the Chicago Stock Exchange Building and whose logo depicts the structure's iconic entry arch, testified against granting 30 N. LaSalle the preliminary landmark designation."We strongly disagree with any argument that the current building has civic value based on its connection to the modern historic preservation movement in Chicago or the formation of our organization," Landmarks Illinois Advocacy Manager Kendra Parzen told the commission. The Chicago Stock Exchange Building in 1894.Courtesy of the Library of Congress Parzen said the group disagrees with the city's position that 30 N. LaSalle, designed by Dallas architect Thomas Stanley, is an example of exemplary architecture."As the designation report notes, the business of architect Thomas E. Stanley was to produce economical designs for corporate interests," she said. "In that sense, his design for LaSalle may have been successful, but we disagree that it's architecturally noteworthy."Preservation Chicago Executive Director Ward Miller testified in favor of designating the building.Golub's $135 million effort to redevelop 30 N. LaSalle into new office and retail space, while adding 349 studio, one- and two-bedroom apartments — with 30% affordable units, is part of the city’s LaSalle Corridor Revitalization program.The project is also in line to receive $57 million in tax increment financing for a total of $104 million in public subsidies. City officials said the renovated building would generate $8.7 million in yearly property taxes after 12 years, compared to $3.2 million now."We need this designation to resuscitate this building," Golub and Co. Managing Principal Lee Golub said. "This building is key and vital in the resuscitation — in the reinvigoration — of the LaSalle Street Financial District, the Loop and the [Central Business District]."An ordinance seeking permanent designation for the building is expected to be heard by the City Council early next year. ...read more read less