- Credibility:
DOWNTOWN — A meeting this week will detail six proposals that are part of an initiative to convert vacant office buildings into housing Downtown.
The initiative’s goal is to add more than 1,000 residential units to the area by offering developers tax-increment financing dollars and other incentives to repurpose historical buildings along LaSalle Street. The aim is to make 300 of the units affordable, available to households earning up to 60 percent of the area’s median income: $43,800 for one person or $62,520 for a family of four.
In December, developers pitched $1 billion in renovations among nine proposals along LaSalle Street.
The city’s Department of Planning and Development knocked three candidates out of the running, with officials saying one application was incomplete, another submitted an ineligible location and another proposal was withdrawn.
The remaining six proposals will be presented during a virtual community meeting 5-6:30 p.m. Thursday. Click here to register.
No final decisions will be made until late March, a spokesperson from the Department of Planning and Development said.
The projects still in the running:
Credit: Colin Boyle/Block Club Chicago30 N. LaSalle St.
The proposal that would create the most residential units is being pitched for 30 N. LaSalle St. If funded, the project would create 432 units, 30 percent of them affordable. It also calls for ground-floor retail and added green space along Washington and LaSalle.
208 S. LaSalle St.
Prime/Capri Interests, LLC, which is renovating the Thompson Center as part of the Google deal, has two proposals submitted for funding. One is for 208 S. LaSalle St., where developers suggest creating 28 units, with 30 percent of them affordable.
111 W. Monroe St.
At 111 W. Monroe St., Prime/Capri Interests, LLC is pitching 349 units, 30 percent of them affordable, with a hotel in the building’s first seven floors. Amenities would include a spa, fitness center, rooftop pool and restaurant with basement parking.
135 S. Lasalle St.
The most expensive conversion was pitched for 135 S. LaSalle St., the former home to Bank of America.
For $258 million, the proposal would create 430 units, 30 percent of them affordable. The development would also create 80,000 square feet of retail, food and beverage, cultural and event space — and possibly a “fresh-market grocer.”
105 W. Adams St.
There are two proposals to revamp 105 W. Adams.
The Reimagine Adams Limited Partnership has proposed creating 247 units at the location — and 75 percent of them would be affordable. The revamp would include a food market and a small Latina-owned business on the ground floor.
MAVEN Development Group is competing for the same building, pitching 423 units with 30 percent affordability.
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