Part two of this week’s announcement of the six finalists of the LaSalle Street Reimagined initiative in The Loop. In this article we will cover the final three bids vying for part of the city’s $196 million in funding for the program pulled from the LaSalle Central TIF District, part one covering the first three can be found here.
As a reminder, the program is being led by the Department of Planning and Development along with the Department of Housing with support from the city with the goal of developing partially vacant high-rises on the street. All bids had to include at least 30 percent affordable housing, mixed-use bases, and more.
30 N LaSalle Street
Team: Golub, Corebridge, SCB, Confluence
Proposal Highlights: 432 residential units | 130 affordable units | $186 million – $431k Per Unit
The only bid proposing to redevelop a more modern building, the team is looking to turn half of the 1.1 million-square-foot, 44-story tower built in 1974 which recently went through a foreclosure. Starting at the base, the street front would receive a new plaza with updated landscaping and an added residential entrance complementing the existing retail. Floors 3 through 22 will become the 432 residential units made up of studios, one- and two-bedrooms ranging from 500 to 1,173 square feet in size.
One of the main features of the proposal is a new amenity level on the 11th floor with a large terrace projecting out towards the street level allowing for long vistas of the surrounding areas, with lounge, fitness, and party spaces behind new windows. It is worth noting the final 20 stories will remain as office space with their own separate entrance. The developers are asking for $75 million in TYF money as well as $44 million in loans to fund the endeavor, which they claim will be the quickest of all the bids with an early 2025 completion date.
208 S LaSalle Street
Team: The Prime Group, Lamar Johnson Collaborative, Lucien LaGrange Studio, Cosentini Associates, W.E. O’Neil
Proposal Highlights: 280 residential units | 84 affordable units | $130 million – $464K Per Unit
Dubbed the LaSalle Residences, the project will redevelop part of the 1914 Daniel Burnham designed structure which currently houses the JW Marriott and The LaSalle Hotel. This leaves floors 13 to 17 vacant which would be converted into the 280 units made up of 111 studios, 120 one-bedrooms, and 49 two-bedroom layouts of which 30 percent will be affordable as they surround the structure’s central atrium.
A new residential lobby will be introduced along LaSalle as well as various new amenity spaces like a dog run and bike parking room, however the residents will have access to the existing hotel amenities as well. The project will be financed via $74 million in tax-exempt housing bonds, $33 million in TIFF and more with a similarly fast turnaround time, boasting a summer 2025 opening date.
135 S LaSalle Street
Team: Riverside, Blue Star Properties, SCB, Vinci Hamp
Proposal Highlights: 430 residential units | 129 affordable units | $258 million – $600K Per Unit
Looking to redevelop the first Art Deco building in The Loop designed by Graham, Anderson and Probst in 1934, the development team will take on the 45-story, 1.2 million square feet structure mostly vacated by Bank of America in 2020. The proposal will begin by restoring the facade and focusing on the lower floors where 80,000 square feet of new retail space and lobbies will be built out around the existing historical arcade. Floors three and four will be retrofitted into a 180-vehicle parking garage with a new entrance from the existing alley.
Floors five to 15 will hold the aforementioned residential units made up of 254 efficiencies, 116 one-bedrooms, and 60 two-bedroom layouts ranging from 585 to 1,147 square feet in size. Floors 16 to 42 will remain as office space with new rooftop terraces as the structure sets back as it rises, with new amenity levels throughout and a potential fresh market on the ground floor. The developers hope to finance the project via $115 million in TIF money, $34 million in tax credits and more, with an anticipated completion date in the first quarter of 2025.
At the moment the city is reviewing all of the proposals with a decision on the initial three to move forward expected later this month. Those moving forward will then have to clear the standard necessary city-approval for both the plans and funding prior to being able to move forward.