Finalists have been announced for the city’s LaSalle Street Reimagined initiative in The Loop. Covering roughly six blocks of LaSalle Street bound by W Van Buren Street to the south, N Wells Street to the west, N Clark Street to the east, and W Washington Street to the north, the initiative looks to solve the area’s high vacancy issue caused by aging structures while addressing affordability. Thus the Department of Planning and Development along with the Department of Housing created the Request For Proposal (RFP).
The initiative was mainly created by tapping into the LaSalle Central Tax Increment Financing (TIF) District and setting aside $196 million in incentives from the larger pool, in order to create new residential projects within the vacant structures. Basic requirements included having a purchase and sale agreement for the property and for at least 30 percent of the units to be considered affordable. Initially nine proposals were brought forward, these have now been narrowed down to six with some initial renderings released.
111 W Monroe Street
Developer Prime Group has purchased the property that once housed BMO Harris prior to their West Loop Gate move. Their $180 million proposal will include a hotel on the lower seven floors with a spa, fitness center, rooftop pool and restaurant, while the upper floors will contain 349 residential units. These will be made up of studio, one-, and two-bedroom layouts of which 105 will be affordable.
208 S LaSalle Street
Originally having two proposals, one was withdrawn leaving Prime Group as the developer for this one as well. The $130 million proposal will renovate the floors above the two existing hotels including the JW Marriott, but will give future tenants access to some of their amenities. Above will be 280 residential units made up of studios, one-, and two-bedroom units of which 84 will be affordable.
135 S LaSalle Street
Led by Riverside Investment & Development, the proposal will redesign the existing Art Deco structure that once housed Bank of America. The $258 million proposal will create 80,000 square feet of commercial space on the lower levels including room for restaurants and hopefully a fresh market grocer. The upper stories will house 430 residential units made up of studios, one-, and two-bedroom layouts of which 129 will be affordable.
30 N LaSalle Street
The 44-story tower was recently hit with a foreclosure and now Golub & Co along with American General Life Insurance are looking at the $186 million proposal which will include ground floor retail, green space, and an added mid-rise outdoor deck. The upper floors will hold 432 residential units made up of studios, one-, and two-bedroom layouts of which 130 will be affordable.
105 W Adams Street
The only property with two proposals moving forwards, the 1927-built building is seeing a $167 million proposal from MAVEN Development Group for 423 residential units made up of studios, one-, and two-bedroom layouts of which 127 will be affordable. While the Blackwood Group and Celadon Partners brought forward a $180 million proposal for a lover level hotel, and 349 residential units made up of studios, one-, and two-bedroom layouts of which 105 will be affordable.
The trimmed-down list comes due to the proposal at 400 S LaSale being in an ineligible location and 170 W Washington not completing its application. Now the six finalists will present their plans at a virtual community meeting on March 2nd, as the city hopes to select at least three projects to move forward by the first quarter of this year.