Chicago Construction News staff writer
Two historic high-rises in the heart of Chicago’s Loop are poised for major residential conversions as part of the city’s ongoing push to revitalize its downtown core, with nearly $166 million in proposed public funding.
Mayor Brandon Johnson last week submitted Tax Increment Financing (TIF) proposals to City Council to support the adaptive reuse of the Clark Adams Building and the Field Building — two prominent Art Deco-era office towers — into a combined 786 apartments, 30% of which would be set aside as affordable housing.
Under the proposals:
- The Clark Adams Building at 105 W. Adams St. would receive $67.5 million in TIF assistance toward a $183.5 million project led by Primera Group. The plan includes 400 residential units — with 120 designated as affordable — plus upgraded retail space at the ground and mezzanine levels. A portion of the upper floors will remain in use as a hotel.
- The Field Building at 135 S. LaSalle St. would receive $98 million in TIF support toward a $241.6 million conversion by Field Building Revitalization Partners LLC. The project calls for 386 new apartments, including 116 affordable units, and upgrades to 92,000 square feet of commercial space intended for a grocer, health center, and medical offices. Some upper-level office space will be retained.
Both projects target households earning an average of 60% of the area median income for the affordable units. The proposals are part of the city’s Loop Revitalization Initiative, which aims to transform outdated office space into housing and mixed-use developments amid shifting downtown real estate demands.
“These projects reflect our commitment to revitalizing the Loop with housing that’s both livable and inclusive,” Johnson said in a statement. “We’re bringing new life to historic buildings while addressing our housing needs.”
Completed in 1927 and designed by the Burnham Brothers, the 41-story Clark Adams Building — also known as the Bankers Building — was recently recommended for landmark status by the Commission on Chicago Landmarks.
The 45-story Field Building, constructed in 1934 by the estate of Marshall Field, has held landmark status since 1994 and remains a standout of Depression-era Art Deco architecture.
The two projects are among six adaptive reuse developments receiving city backing under the initiative. In total, the six proposals represent more than $900 million in private investment and would deliver 1,765 new residential units, with a significant share set aside as affordable housing.
