Landmark status and tax incentives have been approved for the mixed-use redevelopment of 111 West Monroe Street in The Loop. Located at the corner of South Clark Street near Chase Tower, the two-building complex is the latest to receive such status as part of the broader LaSalle Street Reimagined initiative.
The Chicago Community Development Commission has approved initial financing for the rest of the LaSalle Street Reimagined projects moving forward. Earlier this week we covered the first two approved projects, and today we will cover the last two. Those include the proposals at 208 S LaSalle Street and 111 W Monroe Street all within The Loop.
On Wednesday, April 3rd, Mayor Brandon Johnson announced the selection of four developments for the LaSalle Street Reimagined initiative. These projects aim to rejuvenate the area by brining residents into the corridor after pandemic vacancies, utilizing $151.2 million in tax-increment financing funds. The office-to-residential developments will repurpose underused office buildings and adding over 1,000 new residential units, including at least 319 affordable units. Pending approval by the City Council, completion is slated for 2027 as reported by WTTW News.
The Loop’s LaSalle Street is set to undergo a significant transformation, with the city announcing three winning proposals as part of the LaSalle Reimagined initiative. These mixed-use makeovers will receive $188 million in tax-increment financing (TIF) dollars and will add 1,059 apartments to the financial district, with 317 of them being affordable.
Full details have been revealed for the six finalists of the city’s LaSalle Street Reimagined in The Loop. Announced last year the program is looking to distribute $196 million in city funds from the LaSalle Central TIF District for redevelopment projects along the street, bound by W Van Buren Street to the south and W Washington Street to the north. After receiving nine-bids for buildings who are struggling with high vacancy rates, it was narrowed down to six which were presented at a community meeting last week.
