DOWNTOWN — Three proposals are in line to receive a combined $188 million in tax-increment financing, as the city announced the winners of its LaSalle Reimagined initiative Tuesday.
The proposals, which require City Council approval, are for 111 W. Monroe St., 135 S. LaSalle St. and 208 S. LaSalle St. They are slated to create 1,059 apartments, 317 of them affordable.
One of the finalists was the most expensive project pitched to city officials, and the other two are spearheaded by developers affiliated with the Thompson Center overhaul, which is slated to become Google offices.
“The LaSalle Street corridor is a vital economic engine for our entire city, and we must ensure it remains that way by transforming it from a homogenous office district into a thriving, mixed-use community. By converting underutilized office space to residential units, we will make the Loop a safer, more dynamic and vibrant place to live and work,” Mayor Lori Lightfoot said in a statement.
Announced in September, the LaSalle Reimagined initiative aims to add more than 1,000 residential units, 300 of them affordable, to the financial district by offering developers tax-increment financing and other incentives to repurpose historical buildings along LaSalle Street.
The affordable apartments will be available to households earning up to 60 percent of the area’s median income: $43,800 for one person, $50,040 for a two-person household or $62,520 for a family of four.
Multi-level retail space, terrace green space, a hotel, restaurants, basement parking, top-of-the-line amenities and a possible grocery story are also featured among the three chosen proposals.
The three finalists were narrowed down from nine proposals that were submitted to the city in December. Each proposal was required to set aside 30 percent of its residential units for affordable housing and create “neighborhood-oriented building amenities.”
In February, 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with officials saying one application was incomplete, another submitted an ineligible location and another proposal was withdrawn.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 proposals the city failed to move forward on include 30 N. LaSalle St. and two submissions for 105 W. Adams St. One of the submissions for 105 W. Adams, by Celadon Partners and Blackwood Group, included the highest ratio of affordable housing among its competitors at 75 percent of 247 apartments.
The winning proposals:
111 W. Monroe St.
Cost: $180 million
TIF request: $40 million
This proposal by Prime/Capri Interests, LLC, will create 349 apartments, 30 percent affordable, plus a hotel on the lower floors and 130 spots of underground parking. The hotel would be created without city funding, developers said.
Apartments include a mix of studio, one-bedroom and two-bedroom units, plans show.
Developers plan to revive the former Monroe Club at the rooftop with shared amenities for hotel guests and residents. Amenities include a restaurant and swimming pool.
Construction projected to be completed by May 2026.
135 S. Lasalle St.
Cost: $258 million
TIF request: $115 million
Riverside Investment & Development and AmTrust Realty plan to build out 430 apartments, 30 percent of them affordable, for this project.
Apartments would be a mix of studio, one-bedroom and two-bedroom units.
The plans also includes 15,000-25,000 square feet for a “fresh market grocer” and 25,000 square feet of open space among several terraces, renderings show.
Construction projected to be completed by May 2026.
208 S. LaSalle St.
Cost: $130 million
TIF Request: $33 million
The Prime Group would build 280 “upscale” apartments, 30 percent affordable, on the 13th through 17th floors, renderings show.
The apartments would be in between the JW Marriott Hotel on the lower levels and the LaSalle Hotel on the upper levels.
The proposal also includes on-site amenities like a fitness center and a tenant lounge. A full-service restaurant is also in the plans.
Construction is projected to be complete by September 2024.
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