Tall & Urban News

Many Chicago developers are collectively proposing more than US$1.2 billion-worth of projects to renovate a suite of office buildings on and near LaSalle Street into residential developments to address vacancies in the city's downtown.

The push to renovate the office buildings into residential properties is a response to Mayor Lori Lightfoot who is offering TIF and other public incentives to push progress in this arena, under the Lasalle Street Reimagined program. According to a spokesperson from the DPD, developers have submitted nine proposals for seven properties. Included among the developers is Riverside Investment & Development, who is proposing to redevelop the art deco tower at 135 S. Lasalle Street with 430 apartment units and other uses. Lightfoot's goal is to create at least 1,000 new residential units near Lasalle over the next five years. 

For more on this story, go to Crain's.