Chicago Construction News staff writer
Chicago City Council has approved up to $57 million in Tax Increment Financing to support Gollub and Co.’s planned office-to-residential conversion at 30 N. LaSalle St. in the Central Loop.
The $130 million project will convert approximately 371,000 square feet of underutilized office space into 349 rental apartments, including studio, one- and two-bedroom units. Thirty percent of the residences — 105 units — are planned as affordable housing for households earning an average of 60% of the area median income.
Located in Chicago’s Central Loop, 30 N. LaSalle is a 44-story, roughly 980,000-square-foot office tower completed in the mid-1970s. More than half of the building’s leasable space was vacant as of mid-2025. The property entered receivership in 2022, after which Gollub and Co. was engaged by the lender to take over management of the distressed asset.
According to project materials, the firm implemented operational and efficiency improvements and developed a strategy to identify alternative uses for the building beyond traditional office space. Working with the lender and the City of Chicago, Gollub evaluated the physical and financial feasibility of redevelopment, leading to the proposed residential conversion under the city’s LaSalle Street Reimagined initiative.
The project is one of six adaptive reuse developments included in the Department of Planning and Development’s LaSalle Revitalization Initiative. Collectively, the projects represent more than $900 million in investment, involving over 2 million square feet of converted space and 1,765 mixed-income housing units.
In addition to interior renovations, the redevelopment plan includes streetscape and public realm improvements, such as an updated public plaza, new landscaping and hardscaping, and the installation of public art. The project also calls for new amenities and greenspace intended to support a mixed-use environment in the Loop corridor.
Earlier this month, the Commission on Chicago Landmarks issued a final recommendation to designate 30 N. LaSalle as a city landmark, citing the significance of architect Thomas Stanley, the building’s International style design, and its association with the historic Chicago Stock Exchange, which previously occupied the site.
The Landmarks Commission also approved a Class L property tax incentive to help offset improvement costs for the building’s remaining office floors, contingent on City Council’s final approval of the landmark designation.
