The Chicago City Council has approved $66 million in tax increment financing for two vacant downtown office buildings to be redeveloped into apartments as part of the city’s LaSalle Street Reimagined initiative.

Funding will come from the LaSalle/Central TIF district and will also include Low-Income Housing Tax Credits and Historic Tax Credits. The approved funding includes $40 million for the Harris Trust and Savings Bank building at 111 W. Monroe St. and $26 million for the Continental and Commercial building at 208 S. LaSalle St.

Twelve floors of the historic Harris Trust and Savings Bank building will be converted from office space to 345 mixed-income residential units, and five floors of the landmark Continental and Commercial building will be converted from office space to 168 mixed-income residential units.

Both projects are part of five selected responses to a Chicago Department of Planning and Development and Department of Housing invitation for proposals to repurpose underutilized LaSalle corridor high-rises.

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