Chicago is leaning hard into its LaSalle Street Reimagined vision, and the conversion of 111?W?Monroe is shaping up as a centerpiece. The Harris Trust office towers are being reborn as a mixed?use destination: a 226?room hotel, a reactivated rooftop Monroe Club with pool and restaurant, a 16,000?ft² ballroom and spa, and 345 apartments (around 104 of which are designated affordable). Construction kicks off later this year, with a finishing line set for early 2027.This transformation is backed by a strategic financial move: $40 million in Tax Increment Financing (TIF) from the LaSalle/Central district, alongside historic and low-income housing tax credits. TIF isn’t a grant in the traditional sense—it’s a promise to reinvest future property tax increases from the district into redevelopment wireframes now, essentially using tomorrow’s gains to fund today’s projects. Across six ongoing conversions, the city has approved roughly $321 million in TIF to leverage nearly $900 million in private investment, bringing 1,765 mixed-income homes online...
RSK: An ambitious undertaking. We shall see if TIF can work to help solve the hurdles on conversion and interest rates.
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- - Volume: 25 - WEEK: 28 Date: 7/8/2025 3:27:45 PM -