Chicago Mayor Brandon Johnson said the city is advancing a proposal to convert four buildings in the Loop’s historic financial district from office to residential zoning.
The buildings are located at 111 West Monroe St., 208 South LaSalle St., 30 North LaSalle St. and 79 West Monroe St., according to the administration, and would be used to increase the availability of affordable housing in the city.
“These four projects demonstrate our shared commitment to revitalizing downtown and creating affordable housing in every neighborhood,” Johnson said.
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The conversions would create more than a thousand new apartments in underutilized office buildings, according to the administration. The price tag for development costs would clock in at approximately $528 million, per officials.
Taxpayer subsidies of more than $150 million would ensure at least 319 of the planned units are affordable.
The initiative is a continuation of “LaSalle Street Re-imagined,” an initiative launched in 2022 by former Mayor Lori Lightfoot.
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The selected projects will advance for review by the Community Development Commission and the Landmarks Commission. They’ll also need City Council approval and sign-off from various committees before the zoning changes can occur.
