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.
Finalists have been announced for the city’s LaSalle Street Reimagined initiative in The Loop. Covering roughly six blocks of LaSalle Street bound by W Van Buren Street to the south, N Wells Street to the west, N Clark Street to the east, and W Washington Street to the north, the initiative looks to solve the area’s high vacancy issue caused by aging structures while addressing affordability. Thus the Department of Planning and Development along with the Department of Housing created the Request For Proposal (RFP).
To kick off the new year we will take a look at the proposals submitted for the city’s LaSalle Street Reimagined initiative in The Loop. Announced in fall 2022, the program looks to revitalize part of the once bustling financial center with rising vacancy rates as companies relocate to newer towers with modern amenities, leaving behind their historical structures. Led by the Department of Planning and Development along with the Department of Housing, applications were due on December 23rd for the area relatively bound by W Van Buren Street to the south, N Wells Street to the west, and N Clark Street to the east.