“Two more proposals to create affordable housing on LaSalle Street could get city funding.
“The proposals are part of an initiative to revitalize LaSalle Street in the Financial District by turning office buildings into residential units. Developers pitched ideas, and the city initially chose three in March — but two semi-finalists resubmitted their proposals and have been chosen to move forward and possibly get tax-increment finance funding.
“The final two picks are for 105 W. Adams St. and 30 N. LaSalle St.
“The five proposals need City Council approval to get the funding and move forward. If approved, they’ll create more than 1,600 housing units, with more than 600 of them affordable.
“The conversions could reduce upper-story commercial vacancies along the corridor by nearly 50 percent, officials said.
“‘As LaSalle Street continues to evolve as one of the most distinguished and storied corridors in the Midwest, these conversions reaffirm the city’s support for innovative projects and improvements that reinforce its economic vitality for all Chicagoans,’ Mayor Lori Lightfoot said in a news release.
“The three other proposals are for projects at 111 W. Monroe St., 135 S. LaSalle St. and 208 S. LaSalle St. They are slated to create 1,059 apartments, 317 of them affordable, and will get $188 million in tax-increment finance funding.
“All five proposals will go through a review process with the city’s planning and housing departments, according to a news release. They will then move to the Community Development Commission and then City Council for final approval.” (Mercado, Block Club Chicago, 5/9/23)
“The winning proposals total 1.6 million square feet of space and include:
The Monroe Residences & Hotel, 111 W. Monroe St.
The Field Building, 135 S. LaSalle St.
The LaSalle Residences, 208 S. LaSalle St.
Clark Adams Building, 105 W. Adams St.
30 N. LaSalle St. (Site of the Stock Exchange Building by Louis Sullivan)
Preservation Chicago encourages Chicago Landmark Designation for the LaSalle Street buildings that are not currently landmarks, including 111 W. Monroe and 105 W. Adams. Landmark designation would require a higher quality adaptive reuse, retention of the historic building features, and would help ensure these buildings qualify for millions of dollars of Historic Tax Credits.
- City Funding Could Help Bring More Affordable Housing To LaSalle Street; More than 1,600 apartments are slated to come to the financial corridor; Melody Mercado, Block Club Chicago, 5/9/23
- City picks projects to advance LaSalle Street apartment conversions, Alby Gallun, Crain’s Chicago Business, 3/28/23
- See the three LaSalle Street proposals that made it to the winners’ podium, Danny Ecker, Crain’s Chicago Business, 3/28/23
- Three proposals win funding for LaSalle Reimagined, The sites will create over 1,000 new apartments, Lukas Kugler, Urbanize Chicago, 3/29/23
- LaSalle Reimagined: 111 W. Monroe, Urbanize breaks down the six proposals vying for city funding, Lukas Kugler, Urbanize Chicago, 3/5/23
- City backs 3 subsidized housing plans for La Salle Street corridor; The proposals deemed eligible for city subsidies together call for more than 1,000 housing units, a third of them affordable, and more than $550 million in investment to address downtown vacancies, David Roeder, Chicago Sun-Times, 3/28/23
- Big TIF requests challenge Lightfoot’s LaSalle Street plan, Danny Ecker, Crain’s Chicago Business, 3/29/23
- City Selects Three LaSalle Street Adaptive Reuse Proposals for Financial Support; Conversion projects would invest $550 million downtown, creating nearly 320 affordable units, Mayor’s Press Office, 3/28/23
- Mayor Lori Lightfoot backs 3 city-subsidized LaSalle Street apartment projects, CBS Chicago, 3/28/23
- LaSalle Reimagined: 105 W. Adams; Urbanize breaks down the six proposals vying for city funding, Lukas Kugler, Urbanize Chicago, 3/7/23
- Potential La Salle St. developers ask city for millions in subsidies; Six competing teams that want to add housing to important buildings want $388 million in tax increment financing but not all will get help, David Roeder, Chicago Sun-Times, 3/3/23
- Developers unveil plans to turn LaSalle Street offices into apartments, Danny Ecker, Crain’s Chicago Business, 3/3/23