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.
Initial plans have been approved for a new program to revitalize the retail scene along LaSalle Street in The Loop. Riding the wave from the recently announced bids for the city’s LaSalle Street Reimagined initiative, the new program looks to address the vast amount of vacant retail and commercial spaces fronting the once-packed street. Introduced by Mayor Lori Lightfoot, the program will tap into local TIF’s and serve the same area bound by W Washington Street to the north and W Van Buren Street to the south.
Capturing the 15th spot in this year’s countdown is the mixed-use development at 410 S Wabash Avenue in The Loop. Located on the southwest corner with E Van Buren Street, the structure will replace a vacant surface lot directly adjacent to the famed CTA tracks that give the neighborhood its name. North Carolina-based developer Lennar Multifamily Company which recently rebranded as Quarterra is behind the project along with architecture firm Antunovich Associates on its design.
An extension has been granted and a redesign revealed for the mixed-use development at 130 N Franklin Street in The Loop. Located on the southwest corner with W Randolph Street, news of the proposal broke back in 2015 as a replacement of an existing empty lot along with a surface parking lot as well. Struggling to execute a tower on it, developer Tishman Speyer was granted an extension on their previous approval due to the last two years. The team at Tishman have been leading the efforts with local architecture firm Krueck Sexton Partners on all iterations of the design.