DOWNTOWN — Developers unveiled their proposals for massive residential projects on LaSalle Street, asking for a combined $388 million in city funding to realize their plans.
The six proposals are part of an initiative from Mayor Lori Lightfoot to add more than 1,000 residential units to the area by offering developers tax-increment financing dollars and other incentives to repurpose historical buildings along LaSalle Street. The aim is to make 300 of the units affordable, available to households earning up to 60 percent of the area’s median income: $43,800 for one person or $62,520 for a family of four.
The LaSalle/Central TIF District, from which the funding will be allocated, had about $197 million in its coffers at the end of 2021, according to an annual report.
The six proposals are valued at a combined $1.1 billion, but the city will only be moving forward with up to three, officials said at a recent community meeting.
Aside from making 30 percent of the housing affordable, developers were asked by the city to include spaces for cultural or entertainment purposes; and attract amenities like grocery stores and locally-owned restaurants.
Several of the proposals include plans to add a grocer, while others include open space and rooftop amenities.
One proposal, for 135 N. LaSalle St., requests $115 million from the city to convert 40,000 square feet of space into 430 residential units, 129 of those affordable.
Another proposal for 105 W. Adams is requesting $60 million to build 247 residential units, with 185 being affordable. The proposal by Celadon Partners and Blackwood Group includes the highest ratio of affordable housing among its competitors at 75 percent.
The city plans to announce the finalists by the end of the month. The construction timelines vary with most hoping to break ground in 2024 and opening by 2025 and 2026.
You can look at the presentations here.
A summary of projects in the running:
30 N. LaSalle St.
Credit: Golub & Co. and American General LifeCost: $173 million; TIF Request: $75 million.
The proposal by Golub & Co. and American General Life Insurance would create the most residences of all six proposals with 432 units, 30 percent of them affordable in a 44-story building. It would be a mix of studio, one-bedroom and two-bedroom apartments.
Renderings include a terrace on the 11th floor and several floors of office space.
Developers on the project said the conversion can be done quickly because the property is not a landmark building and the floors slated for conversion are vacant. Projected completion is early 2025.
208 S. LaSalle St.
Credit: Prime/Capri Interests, LLCCost: $130 million; TIF Request: $33 million.
Prime/Capri Interests, LLC, which is renovating the Thompson Center as part of the Google deal would build 280 “upscale” apartments, 30 percent affordable, on the 13th through 17th floors, renderings show.
The apartments would be in between the JW Marriott Hotel on the lower levels and the LaSalle Hotel on the upper levels.
The proposal also includes onsite amenities like a state-of-the-art fitness center and a tenant lounge.
Construction projected to be complete by September 2024.
111 W. Monroe St.
Credit: Prime/Capri Interests, LLCCost: $180 million; TIF Request: $40 million.
Another proposal by Prime/Capri Interests, LLC, would bring 349 apartments, 30 percent affordable, plus a hotel on the lower floors and 130 spots of underground parking. The hotel development would be developed without city funding, developers said.
Apartments include a mix of studio, one-bedroom and two-bedroom units, plans show.
Developers plan to revive the former Monroe Club at the rooftop with shared amenities for hotel guests and residents. Amenities include a restaurant and swimming pool.
Construction projected to be completed by May 2026.
135 S. Lasalle St.
Credit: Riverside Investment & Development and AmTrust RealtyCost: $258 million; TIF Request: $115 million.
Riverside Investment & Development and AmTrust Realty are proposing 430 apartments, 30 percent of them affordable.
Apartments would be a mix of studio, one-bedroom and two-bedroom units.
The plans also include 15,000-25,000 square feet for a “fresh market grocer” and 25,000 square feet of open space amongst several terraces, renderings show.
Construction projected to be completed by May 2026.
105 W. Adams St.
Credit: Maven Development GroupCost: $167 million; TIF Request: $65 million.
Maven Development Group is proposing 423 apartments, 30 percent affordable. Apartments include a mix of studio, one-bedroom and two-bedroom units. Amenities include a terrace on the 24th floor.
Developers would need to acquire the building before construction could begin. The projected completion date is in 2026.
105 W. Adams St.
Credit: Blackwood Group and Celadon PartnersCost: $192 million; TIF Request: $60 million.
Blackwood Group and Celadon Partners propose creating 247 apartments, with 74 percent being affordable.
Apartments include a mix of studio, one-bedroom, two-bedroom and three-bedroom units.
The plans also include a grocer, a ground-level coffee shop and various community spaces such as meeting rooms, workspaces, gym, rooftop and an after-school program space.
Developers said they have a contract to buy the building unlike the competing bid from Maven.
Construction could wrap by October 2026.
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March 6, 2023 at 02:38PM
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