The City of Chicago has announced three proposals to create more than 1,000 mixed-income apartments in the Loop as finalists for City financial assistance through the LaSalle Reimagined initiative.
Planned for 1.6 million square feet of space, the winning developments include:
The Monroe Residences & Hotel at 111 W. Monroe Street
- Planned by Prime/Capri Interests, LLC which is a joint venture of affiliates of The Prime Group, Inc. and Capri Investment Group
- Converted into 349 apartments on upper floors
- Mix of 182 studios, 125 one-beds and 42 two-beds
- 105 of these will be set aside as affordable at an average of 60% AMI
- Lobby on ground floor
- Residential entry located adjacent to hotel entrance
- Fine dining restaurant planned for the lobby
- 130 parking spaces built underground for residents
- 60 ft by 70 ft atrium to reach new apartments and hotel rooms
- World-class spa and fitness center on two floors with indoor pool, golf simulator
- Roof level will be the reopening of original Monroe Club as an amenity
- Former mechanical penthouse will become a restaurant with outdoor deck and pool
Urbanize Chicago states that the Monroe Residences and Hotel is set to cost $180 million. The project would be funded with $18 million in sponsor equity, $40 million in TIF funding, $14 million LIHTC equity, $20 million historic tax credits, and $88 million in tax-exempt housing bonds.
The team will begin construction in 12 months, with a 26-month construction timeline. First units would become available in early 2026, with full occupancy set for the summer of 2026. A separate, 226 key hotel project would proceed simultaneously within the building's lower floors.
The Field Building at 135 S. LaSalle
- Planned by Riverside Investment and Development and AmTrustRE
- Convert 750,000 square feet of empty space into 430 residential units
- Mix of 254 studios, 116 one-beds and 60 two-beds
- 30% or 129 of them set aside as affordable
- 80,000 square feet of retail space at the base of the building
- Residential lobbies on ground floor, north of the historic main arcade
- Retail space occupying the south side of the building with a possible grocery tenant using about 15,000 to 25,000 square feet of the retail space
- Floors three and four would hold 180 parking spaces setback from the exterior windows
Chicago Yimby reports that with Solomon Cordwell Buenz as the architect, the building will receive a full restoration of the facade, restoration of the arcades at the base of the building, and windows will be replaced. Vinci Hamp Architects will be consulting on the historic portions of the redesign.
Set to cost $258 million, the project would be funded with $115 million in TIF, $34 million in Historic Tax Credits, $30 million from a sponsor/3rd party, and $78 million in debt. With the proposal moving forward, design would take 9-12 months, then construction would begin in 2024, with the building opening to residents in first quarter of 2025.
The LaSalle Residences at 208 S. LaSalle
- Planned by The Prime Group
- Convert the middle floors into 280 residential units
- Will produce 280 apartments, 30% of them will be set aside as affordable
- Mix of 111 studios, 120 one-beds, and 49 two-beds
- Ground floor lobby that will be shared with the new hotel
- Dog run and dog spa
- Bike storage room
With Lamar Johnson Collaborative and Lucien LaGrange Studio working on the project, floors 13 through 17 will be the ones renovated as part of this proposal.
Originally acquired in 1996, The Prime Group has already converted the lower 12 floors into a JW Marriott Hotel and just opened floors 18-22 as The LaSalle Hotel with 232 keys. The building was Burnham's last design before he died, built in 1914 for the Continental and Commercial National Bank.
The project is set to cost $130 million, the rehab would be funded by $74 million in tax-exempt housing bonds, $10 million in low Income Housing Tax Credits, $33 million in TIF funding, and just $13 million in sponsor equity. The Prime Group already owns the building and construction is set to start by the end of 2023. W.E. O'Neil will handle the construction and the team expects an 18-20 month construction timeline, with first units opening in the Summer of 2025.
Office of the Mayor reports that the selected finalists will proceed to the next phase of the City's standard review, underwriting, and approval processes, including evaluations by the Community Development Commission, Commission on Chicago Landmarks and City Council. TIF requests are tentative until approved by City Council.
Due to the IFP's success and stakeholder interest in a more equitable and resilient downtown, DPD and DOH are making additional LaSalle Central TIF funding available for adaptive reuse projects that provide 30% housing affordability at an average 60% AMI, offer new neighborhood-oriented public amenities and exceed City minimums for minority and women-owned participation, among other requirements.
