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.
The city has announced the reconsideration of two proposals for the LaSalle Reimagined initiative after altering their plans. Earlier this year three winners were announced for the program led by the Department of Planning and Development and the Department of Housing, aiming at tackling the record vacancy rates on the historical corridor while addressing the need for affordable housing. Joining 111 W Monroe Street, 135 S LaSalle Street, and 208 S LaSalle Street could be the following two revised proposals:
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.
Part two of this week’s announcement of the six finalists of the LaSalle Street Reimagined initiative in The Loop. In this article we will cover the final three bids vying for part of the city’s $196 million in funding for the program pulled from the LaSalle Central TIF District, part one covering the first three can be found here.
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.
