LaSalle Street has taken another precursor step towards a significant transformation adaptive re-use transformation, with the city announcing three winning proposals as part of the LaSalle Reimagined initiative. First brought forward last September, the LaSalle Reimagined project seeks to introduce over 1,000 new housing units to The Loop, of which 300 designated as affordable, to this central artery of The Loop, which has long been known mainly for its plethora of office space.
As noted recently by Block Club Chicago, the mixed-use makeovers for the winning proposals will meet the initiative’s target by repurposing historical buildings along LaSalle Street, now set to add 1,059 apartments to the financial district, of which 317 of them being affordable.
The affordable apartments will cater to households earning up to 60 percent of the area’s median income, which in this case is $43,800 for one person, $50,040 for a two-person household or $62,520 for a family of four. Income eligibility brackets will apply to one-to-four-person households.
In addition to the aforementioned housing, the winning proposals will integrate multi-level retail spaces, terrace green spaces, hotels, restaurants, basement parking, top-of-the-line amenities, and a possible grocery store.
The winners will collectively receive $188 million in tax-increment financing (TIF) dollars to repurpose historical buildings along LaSalle Street.
The winning three are as follows:
111 W Monroe Street
Team: Capri, The Prime Group, Stantec Architects, The Heritage Group, Cosentini, Klein & Hoffman
With a project cost of $180 million and a TIF request of $40 million, this development by Prime/Capri Interests LLC will provide 349 apartments with 30 percent of units designated as affordable, a hotel, underground parking, and rooftop amenities.
Parking is set to include 130 underground spaces, while the units themselves would scale from studios to two bedrooms. A portion of the building would be allocated for a hotel, which would not require TIF funding. As part of the renovations, the project will cap the building with a revitalized version of the former Monroe Club which will come with a rooftop bar available for both hotel guests and residents.
The proposal is currently slated to complete by May 2026.
135 S LaSalle Street
Team: Riverside, Blue Star Properties, SCB, Vinci Hamp
Expected to cost $258 million and be subsidized with $115 million in TIF, Riverside Investment & Development and AmTrust Realty plan to build 430 apartments at 135 S LaSalle Street, with 30 percent of them allocated as affordable. The project could also see the addition of a fresh market grocer and a sprawling series of open terraces and common areas.
The proposal also has an anticipated completion date of May 2026.
208 S LaSalle Street
Team: The Prime Group, Lamar Johnson Collaborative, Lucien LaGrange Studio, Cosentini Associates, W.E. O’Neil
The Prime Group’s proposal has a total cost of $130 million, with a TIF request of $33 million. The development will add 280 new apartments (of which 30 percent affordable) to floors 13 to 17 between the existing JW Marriott below and the existing LaSalle Hotel above. Additional programming available to guests and residents will include an amenity fitness center, a tenant lounge, and a full-service restaurant.
This southernmost project along LaSalle is slated for completion by September 2024.