Chicago Mayor Brandon Johnson recently joined Lagfin and R2 Companies to break ground on 79 West Monroe, a $64 million redevelopment of the upper floors of the building into an office-to-residential conversion.

The project will transform the historic Rector Building, the oldest surviving commercial high-rise designed by architect Jarvis Hunt, into a residential space, addressing the growing demand for housing in the Loop.

The project is spearheaded by Lagfin and Chicago-based developer R2. Lagfin, as Campari’s holding company, has made significant investments in Chicago-based projects. The renovation will add 117 new apartments to the Loop, offering a mix of market-rate and affordable housing.

“Chicago has a long history of pioneering innovative architecture projects, and we have repeatedly demonstrated our ability to overcome challenges by reimagining our city for the future,” said Mayor Johnson. The Chicago City Council approved $28 million in TIF funding for the conversion project.