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Chicago City Council Approves $158M for Downtown Projects
The Chicago City Council has approved $158 million in tax-exempt housing revenue bonds for the redevelopment of two downtown office buildings, reported the Chicago Business Journal.
The $123 million LaSalle Residences project at 208 S. LaSalle Street will receive $70.5 million. The project will convert 225,000 square feet into 226 residential units. The $180 million Monroe Residences & Hotel at 111 W. Monroe Street will receive $88 million, converting 342,000 square feet into 345 residential units.
The funding is part of the city’s LaSalle Street Reimagined initiative, which aims to repurpose underutilized office buildings within the LaSalle Street corridor into mixed-income developments that include retail and housing. Two other projects, at 79 W. Monroe St. and 30 N. LaSalle Street, are also expected to be part of the initiative.
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