“The largest project so far in the LaSalle Street Reimagined program inched closer to reality Tuesday when the Community Development Commission recommended that City Council green light it.

“That would unlock $98 million in tax increment financing funds for redevelopment of the landmark Field Building, a 44-story tower at 135 S. LaSalle St. in the Central Loop. The funds would help developers transform vacant floors into hundreds of apartments and other uses, possibly including a neighborhood grocery store or full-service health club.

“The redevelopment would be the largest effort so far in the city’s LaSalle Reimagined project, which was launched by former Mayor Lori Lightfoot to transform obsolete LaSalle Street office space in several buildings into more than 1,000 residences, including hundreds of affordable apartments.

“‘The $98 million is what enables all the financing to come together,’ Mike Potter, executive vice president of Riverside Investment & Development, told commission members. ‘We feel like there is a lot of good momentum here.’

“Riverside, along with its partner DL3 Realty and property owner New York-based AmTrust RE, will also secure a private loan, other private investment and historic tax credits to complete the $241 million project, an adaptive reuse of nearly half the space in the mostly vacant art deco tower. Floors five through 14 will hold 386 apartments, including 116 affordable units. Lower floors will have parking garages and other commercial uses, with indoor and outdoor amenities on the 25th, 43rd and 44th floors.

“Potter said work could begin shortly after the partners receive final approval from the full City Council, and they hope the new residential community will open in time to provide easy, walkable commutes to thousands of workers at Google’s new headquarters, now under construction, in the James R. Thompson Center. (Rogal, Chicago Tribune, 11/12/24)

“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.” (Kugler, Urbanize Chicago, 11/13/24)

Read the full story at the Chicago Tribune and Urbanize Chicago

• 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