City selects three finalists for LaSalle Street adaptive re-use project funding

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Chicago Construction News staff writer

The City of Chicago will fund three proposals to create more than 1,000 mixed-income apartments at 111 W. Monroe St., 135 S. LaSalle St., and 208 S. LaSalle St. in the Loop.

“The LaSalle Street corridor is a vital economic engine for our entire city, and we must ensure it remains that way by transforming it from a homogenous office district into a thriving, mixed-use community,” said Mayor Lori LIghtfoot. ”By converting underutilized office space to residential units, we will make the Loop a safer, more dynamic and vibrant place to live and work.”

Representing nearly 320 affordable units and more than $550 million in total investments, the proposals were selected from nine developer responses to the city’s 2022 Invitation for Proposals (IFP) to repurpose a portion of LaSalle’s 5 million sq. ft. of vacant commercial space as mixed-income housing.

Winning development teams include:

The Monroe Residences & Hotel, 111 W. Monroe St.-The Prime Group Inc. and Capri Interests LLC

  • $180 million proposal would adaptively re-use 610,000 square feet of space to create 349 studio, one-, and two-bedroom units within the upper stories of a 1910 National Register high-rise. Related improvements would include lobby renovations, a bar and restaurant, and basement parking.
  • TIF request is $40 million.
  • 226-key hotel project would proceed simultaneously within the building’s lower floors.

The Field Building, 135 S. LaSalle St. – Riverside Investment & Development and AmTrust Properties

  • $258 million proposal would adaptively re-use 750,000 square feet of space to create 430 units within a 1934 landmark high-rise.
  • Related improvements would include the activation of more than 80,000 square feet of multi-level retail space that could include a neighborhood grocer.
  • TIF request is $115 million.

The LaSalle Residences, 208 S. LaSalle St. – The Prime Group Inc.

  • $130 million proposal would adaptively re-use 222,500 square feet of space to create 280 units in a 1914 landmark high-rise. Related improvements would include 6,900 square feet of retail upgrades, a full-service restaurant, plus a variety of tenant amenities.
  • TIF request is $33 million.

“As the Loop population continues to grow and the market leverages new housing opportunities in underutilized commercial spaces, these projects are laying a foundation for a dynamic, mixed-use corridor that serves all Chicagoans, regardless of their incomes,” DPD Commissioner Maurice Cox said.

The nine proposals were evaluated for alignment with the IFP goals, potential catalytic impact and economic feasibility, among other criteria, including efforts to exceed minimum diversity requirements for construction teams.

The selected finalists will proceed to the next phase of the city’s standard review, underwriting, and approval processes, including evaluations by the Community Development Commission, Commission on Chicago Landmarks and City Council. TIF requests are tentative until approved by City Council.

CDOT will simultaneously complete an engineering assessment of the corridor and initiate community engagement for proposed streetscape work that creates a more inviting public realm, while DCASE works with the Chicago Loop Alliance and property owners to activate vacant storefronts and other spaces with arts and culture installations.

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