A couple of office buildings have moved one step closer towards their residential conversion centered around LaSalle Street in The Loop. With rising vacancy rates across the city’s central business district, more and more office structures are making the switch to residential.
Zoning has been approved for the residential redevelopment of 79 W Monroe Street in The Loop. Located at the corner of S Clark Street, this proposal is among the first from LaSalle Street Reimagined to receive initial approval. The project is led by R2 Companies and the Campari Group, with Ware Malcomb serving as the designer.
The Chicago Community Development Commission has approved initial financing for some of the first LaSalle Street Reimagined projects to move forward. While four projects were presented at yesterday’s meeting, we will be covering the first two today. Those include the proposals at 30 N LaSalle Street and 79 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.
Initial details have been revealed for the partial residential conversion of 79 W Monroe Street in The Loop. Located on the southeast corner with S Clark Street across the street from the famed Chase Tower and its plaza, the vintage building is one of the first projects within that may tap into funds from the recently announced LaSalle Street Reimagined initiative. Still in its early planning phases, the project comes to us from locally-based R2 Companies, who led the efforts for the Salt Shed, and a European family advised by investment firm Foursee.