DOWNTOWN — Six restaurants and a proposed museum along the LaSalle Street Corridor will get $1.5 million in small business grants, part of an initiative by Mayor Brandon Johnson’s predecessor to revitalize the Downtown corridor.
The grants come from the Small Business Improvement Fund created for Downtown by former Mayor Lori Lightfoot and passed by City Council in January 2023. The initiative was publicized as a way to give small businesses the jump they needed to be successful Downtown.
Johnson announced the grants, ranging from $180,000-$250,000, at the annual meeting of the Chicago Loop Alliance Thursday.
The grant recipients were selected for the first round of funding from the Small Business Improvement Fund out of 20 applicants. Recipients and award amounts include:
- $250,000 for the future Chicago Board of Trade museum, 141 W. Jackson Blvd.
- $100,800 for interior updates at Ceres Cafe, 141 W. Jackson Blvd.
- $204,120 for facade improvements and interior work at Cardozo’s Pub, 170 W. Washington St.
- $250,000 for a new sushi bar and updates at an existing restaurant inside The Fillmore, 120 W. Monroe St.
- $225,000 for renovations, plumbing and electrical work for a new Frances Restaurant & Deli, 170 W. Washington St.
- $180,000 for storefront improvements and remodeling at Goddess and the Baker, 181 W. Madison St.
- $250,000 for storefront and interior improvements at The Roanoke, 135 W. Madison St.
“Given downtown’s uneven rebound from COVID that’s visible in underutilized storefronts, sidewalks and public spaces, I am implementing a comprehensive approach to downtown revitalization that will leverage the people and places that make downtown so special,” Mayor Johnson said in a statement. “Betting big on the Loop is always a good bet.”
A second round of funding will open for applicants in September, according to the city.
The $5 million Small Business Improvement Fund is funded through tax-increment finance dollars and was created to complement Lightfoot’s initiative to turn LaSalle Street into a vibrant strip.
The initiative, dubbed LaSalle Street Reimagined, included using TIF funding for developers to convert underutilized office buildings into apartments and condos, with 30 percent of the units created as affordable housing.
Lightfoot announced five finalists before leaving office in May. Combined, the proposals are requesting more than $260 million in TIF funding, to create more than 1,600 housing units, with more than 600 of them affordable.
Since taking office, Johnson has remained quiet on the future of the LaSalle Street Reimagined initiative.
When asked Thursday about the status of the initiative, a spokesperson with the Mayor’s Office said the city is finishing assessments and “should be prepared to announce in the coming weeks.”
In the meantime, Johnson will be rolling out a new Downtown economic growth advisory committee. The 40 committee members will be announced this spring and will work to “further transition the central area into a vibrant, mixed-use environment while also helping to shape the recommendations and implementation needs of the Central Area Plan,” according to a press release.
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