Finalists of the LaSalle Reimagined Initiative Announced
On March 28, 2023, three proposals to create more than 1,000 mixed-income apartments along the LaSalle Street corridor in Chicago’s Loop were announced as finalists of the LaSalle Reimagined initiative. The proposals were selected from nine responses to the city’s 2022 Invitation for Proposals to repurpose a portion of LaSalle Street’s five million square feet of vacant commercial space as mixed-income housing.
The winning proposals and development teams include the following:
The Field Building, 135 S. LaSalle St.; Riverside Investment & Development and AmTrust Properties.
The Monroe Residences & Hotel, 111 W. Monroe St.; The Prime Group Inc. and Capri Interests LLC.
The LaSalle Residences, 208 S. LaSalle St.; The Prime Group Inc.
By converting underutilized office space to residential units, we will make the Loop a safer, more dynamic and vibrant place to live and work,” said Mayor Lori Lightfoot. The winning proposals still need to go through the city’s review process, culminating in a vote by the Chicago City Council.
ChicagoDPD will seek SBIF apps for neighborhood-oriented projects and ChicagoDCASE will work with ChiLoopAlliance and others to activate storefronts with arts and culture.
LaSalle Street Initiative Aims to Revitalize, Repurpose Financial District Buildings
Commercial vacancies along LaSalle Street in the Loop could be revitalized with new storefront businesses and more than 1,000 new homes, including 300 affordable units, through an Invitation for Proposals (IFP) announced by Mayor Lori E. Lightfoot as part of the City’s LaSalle Reimagined initiative. "There is nearly 5 million square feet of vacant commercial space on the LaSalle Street corridor, but not a single unit of affordable housing," Mayor Lightfoot said. "Diversifying this corridor is an essential component in our strategy to restore LaSalle's vitality, create more neighborhood-serving retail, and foster a more inviting pedestrian environment in the heart of the Loop that will benefit all Chicagoans."