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Chicago Mayor Pushing $1B Initiative to Transform LaSalle Street
Mayor Brandon Johnson is moving forward with a planned revamp of vacant downtown Chicago buildings initially estimated at $1 billion, reported Bloomberg.
The city has been working with several developers to refine plans to repurpose buildings along LaSalle Street for the LaSalle Reimagined project, which envisions the revitalization of the corridor in the Loop with mixed-income residential uses and other neighborhood-oriented amenities.
The city’s Chief Financial Officer, Jill Jaworski, indicated a formal announcement is expected in the coming months after high interest rates delayed the project. The massive overhaul project was initiated by former Chicago Mayor Lori Lightfoot, and the city had previously selected developers to convert five buildings along LaSalle, Adams and Monroe streets.
Jaworski declined to comment on whether all five projects will move forward. “We are very supportive of plans to transition some office buildings into residential to provide affordable housing,” Jaworski said. “We obviously want the downtown of Chicago to continue to be a vibrant place.”
