Chicago mayor unveils plan: Revamp Loop buildings into affordable housing

CHICAGO - Chicago Mayor Brandon Johnson is moving forward with a plan to reimagine some Loop office buildings into housing.

On Wednesday, he announced details of the next steps in the La Salle Street Reimagined Initiative. This is exciting news for residents who wish to live downtown in the Loop's Historic Financial District.

City leaders say it's not only utilizing vacant commercial space, but it'll also add vitality and diversity to the area.

The building at 79 West Monroe will have eight floors converted to 117 residences. Of those, 41 will be affordable units – it's a $64 million investment.

Across the street, 111 West Monroe is a $202 million investment, creating 345 units, 105 of which will be affordable housing through TIF dollars.

Four downtown buildings will create more than 1,000 homes – of those, 300 will be rented at affordable rates.

The mayor said in total, it's a $528 million investment in underutilized office buildings.

The other two locations will be 208 S. La Salle and 30 North La Salle. Affordable units will be reserved for tenants earning about $53,000 or less.

If approved, construction could start early next year.

This spring, the proposed sites will be reviewed by the Community Development Commission and the Landmarks Commission.

City Council's approval of Tax Increment Financing (TIF) dollars is also required.