Chicago approves $158 million in bonds for downtown office conversions, major redevelopment projects

0
615

Chicago Construction News staff writer

Chicago City Council has approved $158 million in tax-exempt housing revenue bonds for the LaSalle Residences project to repurpose office space into 226 residential units and the Monroe Residences and Hotel project to transform 342,000 sq. ft. into 345 residential units.

In other housing developments approved at the May 22 council meeting:

North Lawndale industrial building redevelopment

  • up to $10 million in Tax Increment Financing (TIF) for commercial redevelopment of a vacant five-story building in North Lawndale. The Steans Family Foundation will undertake the $40.5 million renovation of the 100-year-old structure at 4100 W. Fillmore St. Future uses are expected to include a commercial laundry, coffee roaster, and wholesale flower distributor. The 168,000-sq. ft. redevelopment is projected to create 175 full-time jobs.

John B. Murphy Memorial landmark status

  • The John B. Murphy Memorial at 50 E. Erie St., has been designated an official Chicago landmark. Built in 1926 for the American College of Surgeons (ACS) to honor one of its founders, the memorial features a French Renaissance design by Marshall & Fox, with an ornate limestone facade and bronze doors. The interior includes a 1,000-seat auditorium, anteroom, and grand lobby. The Richard H. Driehaus Museum acquired the memorial in 2022 and is adding a learning center, library, and seminar rooms, preserving the building’s exterior elevations, lobby, anteroom, and auditorium.

North Pullman industrial building development

A new $25 million industrial building will be developed at 10330 S. Woodlawn Ave. in North Pullman, aided by a Cook County Class 6b property tax incentive. The 169,000-square-foot facility, developed by Ryan Cos., will feature 32 dock stalls, parking, and office space for up to two tenants. The incentive will reduce taxes by $3.2 million over 12 years and is expected to support 45 permanent jobs. The site currently houses a vacant recycling facility slated for demolition.

East Garfield Park print shop rehabilitation

A vacant building at 272 N. California Ave. in East Garfield Park will be converted into a print shop and offices, with support from a Cook County Class 6b property tax incentive. The $2.4 million project by Studio inHause and Chicago Printworks will involve facade improvements, roof repairs, and interior buildout, reducing taxes by $107,224 over 12 years.

Near West Side Bank restoration

The former Mid-City Trust and Savings Bank at 801 W. Madison St. on the Near West Side will be transformed into a hotel named “The Neighborhood Hotel” with assistance from a $1.3 million Adopt-A-Landmark grant and a Class L property tax incentive. The $53.1 million project by ECG Madison LLC will preserve the building’s historic features and include retail space. The tax incentive will lower property taxes by $8.2 million over 12 years, supporting the creation of up to 10 permanent and more than 60 temporary construction jobs.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.