“The Chicago City Council has approved $98 million in TIF funding for the residential conversion of The Field Building at 135 S. LaSalle. Originally proposed by Riverside Investment and Development and AmTrustRE, local developer DL3 Realty has been added to the development team. .

“135 S. LaSalle, known as the Field building, is a 44-story Art-Deco style building that was designed by Graham, Anderson, Probst, and White and was completed in 1934 and designated as a Chicago Landmark in 1994. The 1.35 million square foot building has large floor plates and has over 1.125 million square feet of vacancy (83%) mostly due to Bank of America’s headquarters relocating to 110 N. Wacker.

“Designed by Solomon Cordwell Buenz, the adaptive reuse will convert 624,000 square feet of space in the building into 386 residential units and 92,000 square feet of commercial space.

“To accommodate the residential portion of the project, two residential entrances will be added on S. LaSalle St and S. Clark St and elevator lobbies will be separated from the main public arcade on the interior with glass partitions to separate residents from office users and the public.

“With a total project budget of $241.5 million, the Class L tax incentive would represent a $4.4 million tax abatement over the 12 years that the tax incentive is active. With approval from the Commission on Chicago Landmarks approved, the proposed tax incentive will now need final approval from the City Council. Construction is expected to begin in Spring 2026 with an 18-month construction timeline that would indicate a Fall 2027 opening. (Kugler, Urbanize Chicago, 8/31/25)

Preservation Chicago strongly support this preservation-sensitive adaptive reuse of the Designated Chicago Landmark Field Building at 135 S. LaSalle. We have been in communication with the development team and have testified in support at many public hearings.

Read the full story at Urbanize Chicago

• City Council approves $98 million in TIF for 135 S. LaSalle; The adaptive reuse plans calls for 386 apartments and retail, Lukas Kugler, 10/31/25
• Chicago City Council Approves $241.5M Office-to-Residential Adaptive Reuse Project at Field Building, Hayden Spiess, RE Business Online, 10/31/25
• Landmarks approves Class L for adaptive reuse redevelopment of 135 S. LaSalle; The residential conversion plan calls for 386 apartments and retail, Lukas Kugler, Urbanize Chicago, 8/20/25
• LaSalle Street Reinvention Gains Steam As Field Building Heads For Conversion, Ryan Wangman, Bisnow, 10/19/25
• Historic Loop office tower developers win $98M subsidy for resi conversion; Riverside, AmTrust and DL3’s $241M overhaul of the Field Building is the largest LaSalle Street redevelopment to date, The Real Deal, 10/21/25
• City commission approves $98 million in TIF funds for massive LaSalle Street renovation; Brian Rogal, Chicago Tribune, 11/12/24
• CDC approves $98 million in TIF for 135 S. LaSalle; The revised conversion plans calls for 386 apartments, Lukas Kugler, Urbanize Chicago, 11/13/24
• Massive LaSalle Street redevelopment set for $98 million TIF subsidy, Danny Ecker, Crain’s Chicago Business, 11/7/24
• City panel OKs $98 million LaSalle Street TIF subsidy, Danny Ecker, Crain’s Chicago Business, 11/13/24
• 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