Plans are moving forward for the mixed-use conversion of the former Harris Bank HQ at 111 West Monroe Street in The Loop. Sitting on the corner with South Clark Street, the last update we received on the project came in 2025 when its landmark status was approved to qualify for tax incentives. Now, the Community Development Commission has approved a TIF loan.
Rendering of 111 W Monroe Street by Stantec
The property is made up of two structures rising 24 stories in height, consisting of a 1911-built brick tower with massive Ionic columns along the streetfront and a 1954 addition with a glass facade located on the corner. The project would convert floors three through 10 into a hotel and floors 12 through 22 into residences, all centered around a new lightwell carved into the structure.
Renderings of 111 W Monroe Street by Stantec
Below the structure is a 130-space parking garage accessed via a car elevator off the rear alley. The ground floor holds a large corner retail space, residential lobby, and the new hotel lobby within the historic banking hall. This will feature a restaurant and bar space, with the second and third floors containing 20,000 square feet of conference and event space.
Ground (left) – 2nd (center) – 12th (right) floor plans of 111 W Monroe by Stantec
22nd (left) – 23rd (center) – 24th (right) floor plans of 111 W Monroe by Stantec
Above this will be 308 hotel rooms and suites. The rest of the floors above shall hold 345 residential units made up of studios, one-, and two-bedroom layouts. The last two floors will be reconverted into the Monroe Club, a former members club that will contain a restaurant, bar, pool deck, and more for guests and residents.
Rendering of 111 W Monroe Street by Stantec
In total, the project will cost around $300 million to complete, with the hotel portion alone costing around $160 million. This will be funded via equity and tax credits, along with an uncommon $50 million TIF loan. This will be funded through the LaSalle Central TIF district and paid back over 20 years, with an exception for the first five years, during which the team will only pay interest.
Rendering of 111 W Monroe Street by Stantec
Said team consists of developers The Prime Group and Capri Investment Group, architecture firm Stantec working on the design, and a partnership between McHugh Construction and BOWA Construction serving as the contractors. At the moment, no funding has been secured for the residential portion, nor is there a timeline for the overall project.
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Great reuse of the space. Glad to see this happening. However, the interiors look like a shamrock shake. Hope they improve upon this and make a more sophisticated, sleek design.