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Plan would convert some Loop office buildings into affordable housing – NBC Chicago

Chicago Mayor Brandon Johnson said the city is advancing a proposal to convert four buildings in the historic Loop financial district from office to residential status.

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.

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 be approximately $528 million, per manager.

Tax subsidies of more than $150 million would ensure that 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.

Selected projects will be reviewed by the Community Development Commission and the Landmarks Commission. They will also need approval from the city council and various committees before the zoning changes can take place.

NBC Chicago

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