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Development Teams Go Public with Plans for LaSalle Street Revamps
Five development teams vying for taxpayer help to turn LaSalle Street office buildings into apartments unveiled their plans to the public Thursday night, reported Crain’s Chicago Business. The teams offered the first detailed glimpse of the projects intended to revive the vacancy-ridden Loop corridor in downtown Chicago.
Hoping to win the approval of the city’s Planning and Housing departments, developers ran through the public benefits of six different projects totaling $1.1 billion in estimated costs and creating more than 2,100 residential units. The proposals are part of Mayor Lori Lightfoot’s LaSalle Street Reimagined initiative, which offers subsidies to developers who would revamp outmoded office properties into apartments as long as at least 30% of the new units are affordable.
City Planning and Housing department officials aim to select three projects by the end of this month, Crain’s reported. However, Lightfoot’s election loss last week has raised questions about the initiative’s future.
Pictured: 30 N. LaSalle, one of the office towers proposed for residential redevelopment.
- ◦Development
- ◦Policy/Gov't
