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Originally Posted by Steely Dan
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This does not name a buildings but mentions LaSalle st.
https://newsried.com/chicago-convert...to-apartments/
Chicago to Convert Famous Business District Office Buildings to Apartments.
4. October 2022
Chicago is providing financial support to developers willing to convert aging office towers into residential buildings. This is a new program that could become a test case for other cities looking to promote the remodeling of these offices.
City officials last week offered tens of millions of dollars in grants to replace the LaSalle Street corridor, a landmark office complex that has thrived as Chicago’s business hub for decades. announced to be activated. But since the pandemic, the strip’s mostly empty streets and towers have come to symbolize the slow pace of employees returning to office buildings.
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Still, as the pandemic and new workplace patterns have caused office building prices to plummet, conversion projects are starting to look more attractive to developers.
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The office transformation is part of a broader revitalization plan for Chicago’s LaSalle Street.
Developers planning to repurpose along Chicago’s LaSalle Corridor will benefit from lower office prices. According to data firm CoStar Inc., three buildings are for sale, and the remaining six or so are either in default on their mortgages or have been foreclosed on.
“We have a very unique opportunity to acquire affordable properties for redevelopment,” said Chicago Deputy Mayor Samir Maekar.
Featured in movies like “Ferris Bueller’s Day Off” and “The Untouchables,” LaSalle Street is best known as the historic home of the Chicago Board of Trade and the city’s largest banks and law firms. Even before the pandemic, when some of the larger tenants moved into new buildings along the Chicago River, the Corridor began to decline.
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The office transformation is part of a broader plan to revitalize Chicago’s LaSalle Street, repurposing the building’s lobby for culture and entertainment, and attracting groceries, restaurants and other residential-oriented retailers. included.
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Write to Peter Grant at
peter.grant@wsj.com.