Chicago YIMBY sat down with Mike Potter and Stefani Kalter from Riverside Development, one of the developers behind the office-to-residential conversion of the Art Deco skyscraper at 135 South LaSalle Street in The Loop. Riverside has partnered with AmTrust RE and DL3 Realty on the $241 million project, which is set to begin construction in the spring of 2026.
Rendering of Field Building redevelopment by SCB
The Field Building is named after its developer, the Marshall Field Estate, which sought to create one of the most advanced office towers in the country during the Great Depression in 1934. The building was fully branded and featured museum-quality details. At its heart is the bustling multi-level Grand Arcade, offering all the services office workers of the time might need or want.
Rising 44 stories, the building most recently served as the Midwest HQ of Bank of America, which relocated to a new Class-A office tower along Wacker, leaving the tower largely quiet since 2022. However, the development team hopes to restore its original vitality as they prepare to build out 92,000 square feet of retail space and 386 residential units in the first phase of the project.
Existing Grand Arcade of Field Building by Ian Achong
Existing lower arcade of Field Building by Ian Achong
What was the process like for defining the project’s program?
We looked back at the building’s remarkable history and the current needs of the market today. When built, the Field Building was the largest office tower in the city, yet it innovated to allow for light and air in every office. Our team set out to create something unique and plans to bring in a mix of neighborhood retail tenants aimed at activating the area all day long. These include an all-day café, a large-format gym, a boutique grocer, and partnerships with local institutions to support the arts and activate the building’s grand historic spaces.
What would you say was the largest challenge in developing the current scheme?
Due to the building’s historical and architectural significance—being listed on the National Register of Historic Places and designated a City of Chicago Landmark in 1994—the team has had to work around various elements that must be preserved, ranging from the original internal office corridors and the Grand Arcade to details as small as the original below-window radiators.
We will also be leading a historically sympathetic replacement of the original windows, which will allow them to become operable, as well as preserving the façade. These all created unique challenges for the architectural and design team led by SCB.
Existing elevators of Field Building by Ian Achong
Details of Field Building by Ian Achong
The upper two floors of the four-story base will become a 177-car parking garage accessed through a new ramp carved out of former back-of-house spaces, with direct elevator access to the retail floors and residences on floors five through fourteen. The building’s unique floor plates lend themselves to residential conversion with plenty of access to windows.
The units will include 228 studios, 106 one-bedrooms, and 52 two-bedrooms. Of those, 30 percent will be designated affordable, as required by the city for LaSalle Reimagined projects receiving TIF assistance. This closely mirrors the citywide requirement of 20 percent in new construction above 10 units.
Residential floor plan of Field Building pool terrace by SCB
Studio (left) – 1bd (center) – 2bd (right) plans for Field Building by SCB
Explain the hurdles of securing a funding stack for this type of project?
A project like this has many unique challenges, as $98 million of the budget comes from TIF dollars and $40 million from historic tax credits, which are required to offset construction costs. Class L landmark designation and other tax abatement programs will support cash flow and minimize future operating risk.
Given the expected positive impact on The Loop and the severe shortage of new residential supply across the city, we think this conversion is a challenge worth undertaking. It also has an often-overlooked advantage: we can deliver units to the market in nearly half the time it can take for a similarly sized new construction project.
The building will essentially be brand new from a renter’s perspective, yet offer a roughly 25 percent discount compared to similar Class-A projects. This is compelling as we forecast rents in the marketplace to continue escalating significantly through 2028 due to supply constraints in Chicago.
Rendering of Field Building residential lobby by SCB
Rendering of Field Building parlor space by SCB
Part of the cost is also going toward the removal of four non-historic build-outs on the tower’s main setback on the 25th floor to create outdoor terraces. This will be anchored by a new indoor amenity floor surrounded by outdoor spaces for a pool, grilling, park space, and a large dog run, providing an amenity package that can rival new construction projects.
Once work begins, the team will work around many of the existing office floors on levels 15 to 42, all of which are to remain for current tenants and will continue to utilize their current entrance and elevators from the Grand Arcade. However, they do have the potential to be converted in the future as part of additional phases.
Rendering of Field Building amenity terrace by SCB
Rendering of Field Building pool terrace by SCB
What are you looking forward to the most once the project is complete?
One of the most interesting things we’ve encountered while pitching the building is how many people in Chicago have memories attached to it; we’ve been encouraged by how strongly the community supports the project. We began working on LaSalle before LaSalle Reimagined, partnering with major banks and institutions to explore how to revitalize the area during the early days of COVID.
Companies and locals want to see downtown and The Loop filled with life and energy again. We’re excited to use this type of placemaking, iconic architecture, and a critical mass of new residents to accelerate the transition to a more 24/7 neighborhood full of life.
Prep work is already underway within the building, including the creation of a new residential lobby, which will include a new entry on LaSalle for future residents, with the arcade remaining open to the public. This first phase is expected to be completed in roughly 18 months and welcome residents in the summer of 2027.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Hooray! This is simply terrific. Let’s hope it is merely one of many redevelopments across our great city that preserve what makes it great while updating for a new millennium.
A really great project, & the paragraphs in response to “Explain the hurdles of securing a funding stack for this type of project?” really highlight how the funding per unit is not comparable to market rate new construction.
Which is what allows the units to remain affordable for someone making under $50k/year, a family of 2 with total income of under $57k/year, a family of 3 with total income under $65k/year, or even someone like a young Jim Gaffigan, who raised 5 kids in a two bedroom apartment…although their total household income would be limited to under $90k/year (less than 1% of what Gaffigan earned in his last year living in that 2 bedroom apartment with his wife & 5 kids).
Great post!!! I vote for more content like this, but I’m sure developers are not this transparent.
I’m so pleased to see this happening. Giving a historic building new life!