“”The future of downtown’s troubled LaSalle Street corridor — and maybe the Loop itself — might have brightened a bit last week.

“Once Chicago’s Wall Street, the LaSalle corridor has been rocked in recent years by vacancies caused by financial institutions and law firms relocating to new skyscrapers along the river.

“With that in mind, the Chicago City Council made the right move Wednesday when it approved nearly $160 million in tax-exempt, multi-family housing revenue bond proceeds to go to two LaSalle Street projects.

“The cash will help fund the conversion of major portions of 208 S. LaSalle St. and 111 W. Monroe St., both vintage office towers built for banking, into apartments, including some affordable units. The projects are among four LaSalle Street corridor buildings that would be repurposed using the multi-family housing revenue bonds.

“Chicago Department of Planning and Development Commissioner Ciere Boatright said the four projects together represent ‘one of the largest adaptive reuse efforts to move forward within any central business district’ in the country.

“The four projects are part of the LaSalle Street Reimagined initiative, started under Mayor Lori Lightfoot’s administration to bring mixed-income residences and neighborhood amenities to the area.

“Boatright said the reborn buildings would become ‘poster children for the Loop’s rebirth as a mixed-use neighborhood.’

“The key here is mixed use: Revitalizing downtowns —something many big cities are struggling to accomplish since the pandemic — will take more than converting office buildings into residences; strategies such as strengthening and growing arts, culture and entertainment areas, or turning to universities to create education or innovation hubs, are also important to consider, one Urban Institute expert pointed out in a January 2024 analysis.” (Chicago Sun-Times Editorial Board, 6/15/24)

“While the number of people living downtown has doubled since 2000, that growth has bypassed LaSalle Street, where many of the historic buildings were built during a bygone era and are beloved but little used historic landmarks. (Cherone, WTTW Chicago, 4/3/24)

111 W. Monroe St., where Prime/Capri Interests, LLC wants to spend $203 million to build 345 apartments, including 105 affordable units, as part of a development that would include a 228-room hotel. The project has requested a $40 million subsidy.
$2.09 million for terra cotta repairs and window and door replacement; part of a $16.3 million restoration of a vacant, 1928 bank for commercial uses.
208 S. LaSalle St., where the Prime Group wants to spend $123 million to build 226 apartments, including 84 affordable units, sandwiched between two hotels. The project has requested a $26.2 million subsidy.
$1.3 million to preserve a 112-year-old bank building as part of a $53 million adaptive re-use as a hotel and retail space.
79 W. Monroe St., where the Campari Group wants to spend $64.2 million to build 117 apartments, including 41 affordable units. The project has requested a $28 million subsidy, which also calls for the restoration of the color-changing “Weather Bell” sign that signals temperature changes.
30 N. LaSalle St., where Golub & Co. wants to spend $130 million to create 349 units, with 105 affordable. The original proposal included ground-floor retail, as well as green space and seating on streets bordering the property. The project has requested a $57 million subsidy.

“Ward Miller applauded Mayor Brandon Johnson and Department of Planning and Development Commissioner Ciere Boatright on Wednesday’s La Salle Street announcement. Johnson announced four projects in the corridor that he will put forward for a combined $151.2 million in TIF assistance this spring. The projects would help convert office buildings into much-needed housing in the Loop.

“Miller said many of those buildings Johnson announced haven’t been landmarked — like 111 W. Monroe St. — and will soon undergo the landmark designation process.

“These are great strides forward,’ he said.” (Abby Miller, Chicago Sun-Times, 4/4/24)

Read the full story at Chicago Sun-Times

• City Council places $160 million bet on revitalizing LaSalle Street; Council members made a forward-thinking move by approving bonds to create apartments in four LaSalle Street; corridor buildings. We urge the council to move forward on a plan to bring back coach houses and other accessory dwelling units, Chicago Sun-Times Editorial Board, 6/15/24
• La Salle Street is getting 1,000 new apartments, but first comes navigating conversions and code; Plans to add housing in the downtown corridor will help reinvigorate the district, architects and developers said, but there are still construction challenges with turning office spaces into residential units, Abby Miller, Chicago Sun-Times, 6/22/24
• CDC approves $26.2 million in TIF funding for adaptive reuse at 208 S. LaSalle; The historic structure would add 226 residential units to four floors, Lukas Kugler, Urbanize Chicago, 6/14/24
• PRC approves adaptive reuse at 111 W. Monroe; The historic structure would become a hotel and 345 residential units, Lukas Kugler, Urbanize Chicago, 7/4/24
• Renderings emerge for 208 S. LaSalle adaptive reuse; The LaSalle Residences will be receiving TIF funding to help finance the conversion, Lukas Kugler, Urbanize Chicago, 7/3/24 
• CDC approves $28 million in TIF funding for adaptive reuse at 79 W. Monroe; The historic structure would get 117 residential units on the upper floors, Lukas Kugler, Urbanize Chicago, 6/14/24 
• Johnson Picks 4 Developments to Launch Effort to Transform Chicago’s Financial District; Heather Cherone, WTTW Chicago, 4/3/24
• City panel recommends landmark status for century-old Hyde Park church; A landmark designation for the Hyde Park Union Church, designed by architect James Gamble Rogers, would protect exterior and interior elements from future demolition, Abby Miller, Chicago Sun-Times, 4/4/24
• Mayor Johnson seeks more than $150M in TIF assistance for La Salle Street revamp; The four projects named by Johnson’s office stand to create more than 1,000 new apartments with at least 319 projected to have affordable rents through tax increment financing assistance, Fran Spielman, Abby Miller and David Struett, Chicago Sun-Times, 4/4/24
• Johnson greenlights four ‘LaSalle Reimagined’ sites to build downtown residences, A.D. Quig, Chicago Tribune, 4/3/24
• LaSalle Street To Get 1,000 Apartments Under Plan To Repurpose Office Buildings; Four finalists are asking for $151 million in TIF funding to overhaul old office buildings under LaSalle Street Reimagined. About a third of units would be affordable, Melody Mercado, Block Club Chicago, 4/3/24
• Mayor Johnson Announces Proposed City Assistance for Four Loop Adaptive Re-Use Projects; Downtown conversions would create more than 1,000 homes, including 300+ affordable units, City of Chicago Office of the Mayor Press Release