“Mayor Brandon Johnson, Alderman Bill Conway and city officials joined Lagfin, R2 Companies, and community leaders to break ground on 79 W. Monroe, a landmark development that will set a precedent as Chicago’s first office-to-residential conversion. The project is spearheaded by Lagfin and Chicago-based developer R2. Lagfin, as the holding company of Campari, has made significant investments in Chicago-based projects — their largest stake in any North American city.

“‘Chicago has a long history of pioneering innovative architecture projects, and we have repeatedly demonstrated our ability to overcome challenges by reimagining our city for the future. The transformation of 79 West Monroe joins a legacy of projects across the city that honor our history while securing our bright future,’ said Mayor Brandon Johnson.

“Designed by Ware Malcomb, the innovative project will transform the historic Rector Building, the oldest surviving commercial high-rise designed by renowned architect Jarvis Hunt, into a dynamic residential space, addressing the growing demand for housing in the Loop. The development team is committed to preserving the building’s historic architecture while upgrading to modern, energy-efficient systems and amenities.

“An investment in downtown is an investment in Chicago’s future. I’m thrilled to support this project at 79 W. Monroe that will strengthen the Loop — not just as a place to work, but to live, eat and visit as well,” said 34th Ward Alderman Bill Conway. “Adding affordable housing in the heart of our city is a critical step in reimagining the central business district, one that will have a positive impact across Chicago.”

“Chicago is a world-class city with a unique blend of history, innovation and economic strength,” said Massimiliano Seliziato, Lagfin S.C.A. Director. “As cities around the world adapt to new ways of living and working, Lagfin and R2 Companies are proud to celebrate the groundbreaking of 79 West Monroe, which not only revitalizes a historic landmark but also sets a model for sustainable, mixed-use communities. We’re very grateful to play a role in this historic day as we celebrate the City and Mayor’s commitment to bringing this vision to life.” (Kugler, Urbanize Chicago, 3/28/25)

“The Chicago City Council has approved a landmark designation for the Rector Building located at 79 W. Monroe. Located at the southeast corner of W. Monroe St and S. Clark St, the building was constructed in 1905 with a large, seamless south addition completed in 1924.

“The Rector Building was built in 1905 for Charles E. Rector, a restaurateur in the late 18th and early 19th centuries. As the building became part of the larger LaSalle financial district, the building became home to several financial institutions. Bell Savings and Loan Association occupied the lower banking floors from 1951 through 1997 and its distinctive corner bell hanging signage remains suspended over the sidewalk at the corner of the building.

“Charles Rector was a pioneer in Chicago’s early restaurant industry and became internationally recognized as a restaurateur and entrepreneur. His reputation was further cemented in 1983 when he opened the Cafe de la Marine at the Worlds Columbian Exposition in Jackson Park. His success in the restaurant business led him to expand into real estate.

“The Rector Building is one of the oldest surviving examples of early commercial high rises designed by architect Jarvis Hunt. Its design combines classical design features with aspects of 20th century modernism from the Chicago and Prairie Schools.

“With the landmark designation approved, the building is protected from demolition and significant changes on the exterior.” (Kugler, Urbanize Chicago, 3/14/25)

Preservation Chicago is very supportive of the adaptive reuse of the Rector Building at 79 W. Monroe, and the other LaSalle Reimagined projects. We have been in contact with stakeholders and have testified multiple times in support of this project. We’re thrilled to see it moving forward. We hope that the iconic Weather Bell will be restored and the lost historic cornice replaced.

Originally, the building had an elaborate, multi-story masonry cornice. Preservation Chicago strongly encourages the developer to rebuild the lost cornice and other lost elements to return the building to it historic appearance. This beautifully crafted building by architect Jarvis Hunt with later additions by Holabird & Roche would qualify for a Designated Chicago Landmark. Preservation Chicago encourages the developer to pursue a Chicago Landmark Designation for this important Chicago building.

The 14-story Rector Building/Chicago Trust Building/Chicago Title and Trust Building /Bell Federal Savings & Loan Building is located at 79 W. Monroe Street. The original Chicago skyscraper was designed by Jarvis Hunt in 1906. In 1924 Holabird & Roche designed a highly complementary and seamless addition to the south.

The Bell Federal Savings & Loan Building is well-known for its distinctive weather prediction clock. The “Weather Bell” was installed in the mid-1950s and changes colors based on the temperature.

“It even had its own 1950’s-era jingle:

When Weather Bell is emerald green
No change in temperature is foreseen.
When Weather Bell is glowing red
Warmer weather is ahead.
When Weather Bell is gleaming gold
A temperature drop is foretold
When Weather Bell is in agitation,
Prepare yourself for precipitation.”

Architect Jarvis Hunt also designed the Lake Shore Athletic Club at 850 North Lake Shore Drive, the Chicago Tribune printing plant at 430 N. St. Clair, Peoples Trust & Savings Bank at 30 North Michigan, Saddle & Cycle Club, 900 North Michigan Avenue (demolished), and Lake-Michigan Building at 201 N. Michigan (demolished).

Read the full story at Urbanize Chicago

• Developers celebrate groundbreaking for 79 W. Monroe, The Rector Building’s office space will be converted into 117 apartments, Lukas Kugler, Urbanize Chicago, 3/28/25
• Developers kick off work at Loop office-to-apartments conversion, Danny Ecker, Crain’s Chicago Business, 3/27/25
• The Rector Building is officially a Chicago landmark; The building at 79 W. Monroe will be converted into 117 apartments, Lukas Kugler, Urbanize Chicago, 3/14/25
• Loop’s Rector Building Now A Chicago Landmark; The designation will help protect the building, built in 1905 by Chicago architect Jarvis Hunt, as it is redeveloped into apartments, Melody Mercado, Block Club Chicago, 3/13/25
• Landmarks approves preliminary landmark for 79 W. Monroe; An adaptive reuse into 117 apartments is planned for the building, Lukas Kugler, Urbanize Chicago, 12/9/24
• ZBA approves variation for 79 W. Monroe; The LaSalle Reimagined project will create 117 apartments, Lukas Kugler, Urbanize Chicago, 9/3/24
• Zoning Approved For 79 W Monroe Street As Part Of LaSalle Street Reimagined, Ian Achong, Chicago YIMBY, 9/4/24
• Campari, R2 score zoning and tax subsidy for Loop office-to-housing conversion; Investment firm behind well-known spirit brands has been advised by Chicago-based developer for LaSalle Street Reimagined project at 79 W. Monroe, Andrew Terrell, The Real Deal, 9/5/24
• 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