Chicago officials have selected two more office-to-residential conversions as finalists for its “Reimagining LaSalle Street” initiative, expanding one of its signature pandemic recovery programs as Mayor Lori Lightfoot prepares to leave office .
Celadon Partners and Blackwood Group’s proposal to build 247 apartments at 105 West Adams Street and Golub & Co. and American General Life Insurance’s $143 million proposal to build 349 apartments at 30 North LaSalle Street are moving ahead with three other projects By Friday afternoon, the city said it was the next phase of the city’s selection process.
“As LaSalle Street continues to grow into one of the Midwest’s most famous and celebrated corridors, these renovations are yet another testament to the city’s support for innovative projects and improvements that provide the foundation for all,” Lightfoot said in a statement. Chicagoans strengthen the economy.”
In March, city officials chose three items Advancing Lightfoot’s initiative, after hearing from six development teams earlier that month.
Combined, the five projects have a total development cost of $890 million and will add 1,655 condo units to the Loop, more than 600 of which are affordable. Developers are asking for a total of $323 million in tax-increased financing. These projects require approval from the Community Development Board and City Council.
The Department of Planning and Development and the Department of Housing are reviewing their tax increase financing applications.
Chicago decided to expand its shortlist because the future of the initiative is uncertain. Lightfoot has less than 10 days left in his term, and while Mayor-elect Brendan Johnson has voiced support for using tax increases to finance affordable housing, he also said the city can’t donate tax dollars to where it’s not needed.
With new city council members sworn in this spring, real estate players will also be watching their thoughts on the Loop switch to gauge potential support for Chicago’s other tax-increasing fiscal spending.
