Zoning has been approved for the residential redevelopment of 79 W Monroe Street in The Loop. Located at the corner of S Clark Street, this proposal is among the first from LaSalle Street Reimagined to receive initial approval. The project is led by R2 Companies and the Campari Group, with Ware Malcomb serving as the designer.
Image of 79 W Monroe Street via LoopNet
Current image of 79 W Monroe Street via LoopNet
The Rector Building, originally completed in the early 1900s, features a red brick facade and a large ground-floor Walgreens with a long-term lease agreement. Above the pharmacy and the building’s famed decorative bell, the lower half of the structure currently houses Intrinsic Charter High School, with a lease extending until 2045.
Basement floor plan of 79 W Monroe Street by Ware Malcomb
Unit floor plan of 79 W Monroe Street by Ware Malcomb
Thus the developers propose redeveloping floors seven through thirteen into 117 residential units, comprising 56 studios, 54 one-bedroom units, and seven two-bedroom units. Of these, 41 will be considered affordable, making up around 35 percent, slightly above the percentage required by the city’s Reimagined program for funding eligibility.
14th floor plan of 79 W Monroe Street by Ware Malcomb
Various amenities will be added for tenants including a lounge, a dog run, bike storage, and a fitness room in the basement. A new rooftop deck will also be created connected to additional amenity space. The project will also include exterior work on the building, such as facade repairs, window repairs, and other minor work to preserve the building’s character.
Elevation of 79 W Monroe Street by Ware Malcomb
Current image of 79 W Monroe Street via R2 Companies
The total cost of the project is $64.2 million, with $28 million funded by LaSalle Street Reimagined. With zoning approval secured, the developers can proceed with permitting and construction. Leopardo Companies and GMA Group will serve as contractors, with work expected to commence in early 2025 and last approximately 12 months.
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Looks like the building could use a good scrubbing.
Hopefully the residential conversions in the Loop will lead to another full grocery store opening. I think the only one now is the Target on State.
I am convinced this is one of the few things that makes living in the Loop very unattractive still. If they placed a grocery store somewhere between Dearborn & Wacker Dr I think it would really help sell living in the area.
Right now, it’s such a food desert.
No need for a grocery store if no one currently lives in the area. Kinda makes no sense.
Don’t build transit, there’s no one living there…
City planning works in a plan-for-ahead kinda ordeal. With that kinda headspace of don’t plan ahead and prepare, we would’ve never achieved a continental railroad.
It’s true you can’t just force a private company to do something. The market tends to fill in gaps where they see it makes sense, but not many spots currently fit a good sized grocer within the Loop.
If the city wants to help, carving out a space for a grocer is a good help. But work with a grocer to fill this demand. Don’t leave it up to the consumer to foot that bill.
Do the plans include modifying the exterior of the very top floors (above the cornice)? I don’t know if those floors were a poorly designed addition or they were “renovated” at some point in time, but those top floors don’t match the style or age of the rest of the structure.
Any thoughts about the cornice? It looks like it had one once? It looks a little unbalanced without that top detail.