The effort begins with a formal invitation for proposals announced by Lightfoot at an event this afternoon, to measure the private sector’s appetite to work with the city.

The city will make funding available for approximately three large adaptive reuse projects along LaSalle Street, from Washington Street to Jackson Boulevard, or one block to the east or west, with a priority on projects in historically significant buildings with high vacancy rates.

The projects must also be located within the LaSalle/Central tax increment financing (TIF) district, a large pool of money that has been effectively off-limits to developers since former Mayor Rahm Emanuel froze its use for private development in 2015.

To move forward in the city’s process, developers must provide a purchase agreement, with conditions attached, for the building and should include a plan to accommodate any current tenants or move them elsewhere downtown.

To receive city funding, developers must set aside 30% of residential units on-site at affordable rates, not to exceed 60% of the area median income (AMI). A third of the units must be made available at 50% of the AMI and one-sixth even more affordable at 40% of the AMI.