Chicago to Fund Four Downtown Office-to-Apartment Conversion Projects

Chicago Mayor Brandon Johnson has announced plans for four adaptive reuse projects along the LaSalle Street Corridor, aimed to repurpose aging office buildings into residential properties.

The city will provide $150 million in public assistance to developers to convert the underutilized office buildings into studio, one- and two-bedroom apartments. Collectively valued at more than $528 million in development costs, the four projects would create more than 1,000 new apartments.

Part of the city’s LaSalle Street Reimagined initiative, the four buildings slated for office-to-apartment conversion include 208 S. LaSalle St., 30 N. LaSalle St., 79 W. Monroe St. and 111 W. Monroe St., with at least 30 percent of the units providing affordable housing.

“These transformative projects within the Loop signify more than a revitalization of space; they embody our city’s dedication to inclusivity and growth,” said Johnson. The LaSalle Street Reimagined projects and TIF support will still be reviewed by the Community Development Commission, the Commission on Chicago Landmarks and the City Council.

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