Chicago Construction News staff writer
Two historic Loop office buildings will be converted into mixed-income housing through nearly $66 million in city subsidies approved by the Chicago City Council at its meeting last week.
The 12 upper floors of the Harris Trust and Savings Bank building at 111 W. Monroe St. will be transformed into 345 apartments as part of a $179.2 million project led by Prime Group and Capri Interests LLC. The plan includes $40 million in Tax Increment Financing (TIF) from the LaSalle/Central TIF district, along with Low-Income Housing Tax Credits and Historic Tax Credits.
Of the new units, 104 will be designated for households earning an average of 60% of the area median income. The project will convert roughly 315,000 square feet of former commercial office space into residential use.
Built in 1911, the Classical Revival-style building is listed on the National Register of Historic Places. In March, the Commission on Chicago Landmarks recommended it be designated a City of Chicago landmark. The designation, expected to be introduced to City Council this spring, would support the building’s adaptive reuse.
Nearby, the former Continental and Commercial building at 208 S. LaSalle St. will also undergo a residential transformation. The $100 million project, also led by Prime Group, will convert five floors of office space into 168 apartments. Fifty-one of those units will be affordable for households earning an average of 60% of the area median income.
The project will receive up to $26 million in TIF assistance and similar tax credits as part of its financing package. The building, completed in 1914 and designated a city landmark in 2007, will see approximately 180,000 square feet converted into housing.
Both developments are among five proposals selected through a joint initiative from the city’s Department of Planning and Development and Department of Housing. The program aims to revitalize underused office buildings in the LaSalle Street corridor by converting them into housing, with at least 30% of units set aside as affordable.
