A long-delayed effort to restore a vacant Chinatown landmark may finally get underway next year.

       The Commission on Chicago Landmarks on Thursday recommended approving a special property tax incentive for the former W.M. Hoyt Building at 465 W. Cermak Road, along the South Branch of the Chicago River. Developer Windfall Group plans to transform the hulking warehouse into Pacifica of Chicago, a four-star hotel with offices, a grocery, restaurants, a medical center, a spa, ground-level retail and a public riverwalk.

       “The Hoyt Building has been vacant for decades,” said Windfall Group CEO Eddie Ni, but in the future, “it will serve as a gateway to both Chinatown and Pilsen.”