Mayor Brandon Johnson is advancing a significant urban redevelopment initiative in Chicago's Loop, focusing on the transformation of LaSalle Street. The plan involves converting four underused office buildings into residential apartments, with a total of almost 1,100 units being created, of which 319 will be affordable. A substantial portion of this project, about 30%, will be dedicated to affordable housing, aiming to address the current scarcity of affordable units in the area, which currently stands at just 32 units. The city plans to allocate $151.2 million in Tax Increment Financing (TIF) assistance to facilitate this transformation. This initiative, known as the Lasalle Street Reimagined, seeks to revitalize the area by increasing the residential population and offering more affordable living options.
Mayor Brandon Johnson has officially moved forward with the Lasalle Street Reimagined initiative. https://t.co/t9A0fVo0do https://t.co/PVaMwoyAdo
“Just 32 units in the loop are currently affordable.” @ad_quig on City Hall’s plan to bring residential development and affordable housing to LaSalle Street. https://t.co/3e4bivWPNs
Mayor Johnson will give the go-ahead to converting 4 downtown office buildings to residential, for a total of almost 1,100 apartments, @DannyEcker reports. About 30% will be affordable-housing offerings. https://t.co/q1TUaMWWId
Mayor Johnson proposing more than $150M in TIF assistance for LaSalle Street revamp https://t.co/D2TQP9JnKT
Mayor Johnson is proposing over $150 million in TIF assistance for the revitalization of LaSalle Street, aiming to create more than 1,000 new apartments, with at least 319 of them projected to have affordable rents. https://t.co/zYcMX0z7oC
Mayor Brandon Johnson Officially Moves Forward With Lasalle Street Reimagined The projects would collectively use $151.2 million in TIF to repurpose underused office buildings along LaSalle adding more than 1,000 new apartments, 319 of them affordable. https://t.co/jYqFtCqN8W
Johnson expected to move forward with converting 4 office buildings into residences in Chicago's Loop https://t.co/izfI0VtoEM https://t.co/ST3gZkuSzb
Yesterday's office building, tomorrow's apartments; more conversions on the horizon https://t.co/nJmGxJh4ws
Mayor Brandon Johnson will announce tomorrow that four LaSalle St office to residential conversions are moving forward with significant city subsidies. https://t.co/wQpqOwVK21 @CrainsChicago
Many cities are betting big on office-building conversions. The odds aren't always in their favor. https://t.co/rl3qVmgGtl