Riverside investment and development and AmTrust RE have been selected to be reviewed as developers for the renovation of 135 S LaSalle Street. These developers are partnering in an office-to-residential project as part of the expansive LaSalle St Reimagined initiative.
Rendering of 135 S LaSalle Street via City of Chicago
Floor plan and program diagram of 135 S LaSalle Street by SCB
Program diagram of 135 S LaSalle Street by SCB
Together, they will oversee the development of 430 units, featuring studios, one, two, and three-bedroom units, with 30% designated as affordable. The project, totaling approximately $258 million in investments, will entail the repurposing of over 750,000 square feet of vacant space. Additional amenities will include a new lobbies, retail, food and beverage, event and cultural space and a potential fresh-market grocer.
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Where did you get this information? Unless something changed this proposal was by Riverside Investment and Development. Celadon and Blackwood were going to do 105 W Adams
I thought this conversion was proposed by Riverside, and that Celadon/Blackwood was working on 105 W. Adams?
That’s going to be a baller penthouse apartment.
penthouse is an amenity not residential. Not even sure its open to resi, might just be for hotel and office tenants.
OK, this is interesting information: they’re spending $170m to renovate 300,000 sq ft. That’s about $566 a sq ft. Or about $285,00 for one of those little efficiencies.
75% “affordable”. What does that mean for this property? Can anyone provide the definition? I read in another article about a similar Loop property that would mean up to $52k for a household of two. If my math is correct, that might mean two people each earning no more than $13/hour, full time. Will these households be able to afford living there? Even if they can afford the rent, what amount of disposable discretionary income will they have to spend at various high priced venues in the area? How will these tenants improve the bottom line for commercial and retail ventures in the Loop, such as theater, museums and restaurants which generally high price tags for admission?
The people you speak of have always existed and walked amongst the rest of us for eternity, but if they are still making that little with such jumps in recent wages, then other issues are afoot, and we may need some other motivations to kick them in the butt. We need housing that can support a minimum wage, but sub-minimum is unfair to society. You have to pay to play.
The positive aspect of this development is that they no longer need to commute over an hour or even out of state to get to their jobs. (This is more of an issue in West Coast cities.) But you’re right; the amenities/services currently don’t exist downtown for low-income individuals. Aren’t most schools in the Loop private? And as for grocers, most are rinky-dink liquor stores or CVS/Walgreens. If I remember correctly, Goth Target is not super focused on groceries.
The Loop should first target a higher tax base, then integrate a better mix once the neighborhoods are established.