Chicago Approves $66M in TIF Funding for Office-to-Residential Conversions

Chicago Approves $66M in TIF Funding for Office-to-Residential Conversions
News| April 18, 2025| Jasmine Kilman
Chicago & Midwest + Apartment Buildings

The Chicago City Council has approved $66 million in tax increment financing for two vacant downtown office buildings to be redeveloped into apartments as part of the city’s LaSalle Street Reimagined initiative.

Funding will come from the LaSalle/Central TIF district and will also include Low-Income Housing Tax Credits and Historic Tax Credits. The approved funding includes $40 million for the Harris Trust and Savings Bank building at 111 W. Monroe St. and $26 million for the Continental and Commercial building at 208 S. LaSalle St.

Twelve floors of the historic Harris Trust and Savings Bank building will be converted from office space to 345 mixed-income residential units, and five floors of the landmark Continental and Commercial building will be converted from office space to 168 mixed-income residential units.

Both projects are part of five selected responses to a Chicago Department of Planning and Development and Department of Housing invitation for proposals to repurpose underutilized LaSalle corridor high-rises.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with Greg Mutz, Chairman & CEO of Amli Residential Partners, LLC and Keynote Interviewer Fred Schreiber, Chief Operating Officer at Connect Midwest Multifamily on June 4, 2025, at The Midland Hotel, Chicago, IL. Register Today to network with your peers!

Other News

Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use

California & West + Apartment Buildings

Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...

Learn more

Logisco Launches $60M Quebec Rental Project With New Brand

Canada + Apartment Buildings

Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...

Learn more

Virtus Buys Hamilton Retirement Residence For $26M

Canada + Senior Housing

Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up