New funding has been announced for a handful of businesses located in The Loop, with a focus around the LaSalle Street corridor. Announced earlier this month by Mayor Brandon Johnson, the distribution is the next step of the Small Business Improvement Fund created by former Mayor Lori Lightfoot in 2023 according to Block Club.
View of Goddess and the Grocer via Google Maps
Money will be granted to seven finalists out of 20 that applied, with the awards ranging from $100,000 to $250,000. The goal is to help reignite activity and investment downtown after a slow rebound from the pandemic. The winners include two projects within the corridors signature Board of Trade tower, the full list below:
- Chicago Board of Trade museum – $250,000 – 141 W Jackson Boulevard
- Ceres Cafe – $100,800 – 141 W Jackson Boulevard
- Cardozo’s Pub – $204,120 – 170 W Washington Street
- New sushi bar – $250,000 – 120 W Monroe Street
- New Frances Restaurant & Deli – $225,000 – 170 W Washington Street
- Goddess and the Baker – $180,000 – 181 W Madison Street
- The Roanoke – $250,000 – 135 W Madison Street
Rendering of new Board of Trade Museum via R2 Companies
One of the winners, the new Chicago Board of Trade museum, was just announced to the public this week led by the building’s new owner R2 Companies. The 2,000-square-foot space will take over the previous bank on the northeast corner of the ground floor, though the architect is currently unknown. This will become the second museum on the strip next to the Museum of Money at the Federal Reserve.
View of Ceres rooftop via Ceres Cafe
The work varies from establishing the upcoming museum, interior renovations and infrastructure work, as well as facade restorations for some of the properties. The money comes from the area’s TIF district, which will also be used to fund the LaSalle Street Reimagined program that recently received the green light from Mayor Johnson. A second round of winners for funding is set to be announced this September.
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I’m guessing someone got caught at Ceres again.
I’m hoping the failed landlords can find a way to convert their investments into housing.
I’m glad we’re not writing a welfare check to the irresponsible property owners unable to make a change. But if no housing is able to be accomplished, Chicago will negligently be burning taxpayer money on another form in this initiative.
These business have little hopes of surviving with the minimal foot traffic that haunts LaSalle St.. The federal program to assist in the office conversions sounds a bit more promising.
It just kinda makes me sick knowing these rich landlords crying boohoo will get their butts rescued while states are still suffering to provide us with clean drinking water. At least adding to the housing supply will tackle the other poverty trifecta. Homelessness will only continue to increase the longer we maintain our stringent housing/zoning policies.
At 30 N LaSalle, the owners have indicated they’d do the project on their own if the city would just let them.
My bet: the city will say “oh, OK, but you need to do the following laundry list of amenities, and provide some low cost housing as well.” And the owners will opt to keep it empty.