CHICAGO (CBS) -- Mayor Lori Lightfoot is backing three projects to create more than 1,000 new downtown apartments as part of her plans to revitalize the LaSalle Street Corridor in the Loop.
The developers of the projects at 111 W. Monroe St., 135 S. LaSalle St., and 208 S. LaSalle St. are seeking a combined $188 million in tax increment financing from the city to help finance a total of $550 million in investments.
The developers also have agreed that 320 of the 1,100 apartments will be set aside for lower income renters under the city's affordable housing rules.
The three projects include:
- The Monroe Residences & Hotel, at 111 W. Monroe St.; a $180 million proposal to renovate 610,000 square feet in the existing high-rise to create 349 apartments on the upper floors, along with lobby renovations, a bar and restaurant, and basement parking. A separate 226-room hotel project would transform the building's lower floors.
- The Field Building, at 135 S. LaSalle St.; a $258 million plan to reuse 750,000 square feet of the 1934 landmark high-rise with 430 apartments, along with 80,000 square feet of retail space, including a grocery store.
- The LaSalle Residences, at 208 LaSalle St.; a $130 million proposal to reuse 222,500 square feet of space to create 280 apartments in the 1914 landmark high-rise, along with 6,900 square feet of retail space, a full-service restaurant, and other tenant amenities.
The three projects were chosen from nine applicants after the city sought proposals for the LaSalle Street revitalization initiative in September.
"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," Lightfoot said in a statement.
The projects will require evaluations by the Community Development Commission, the Commission on Chicago Landmarks, and the City Council, a lengthy process that will mean it's unlikely the projects will be given the go-ahead before Lightfoot leaves office in May, and will require continued support from her successor, Brandon Johnson or Paul Vallas. The tax increment financing the projects are seeking also will require approval by the City Council.
It's unclear how soon the City Council could take up the proposals.
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