Housing Boom Could be Headed to Chicago's Financial District Near LaSalle Street

LaSalle Street could be in line for a housing boom, thanks to some of the pitches developers have already made to help turn the area into a residential corridor. It’s all tied to the Revitalize LaSalle initiative, which the city first announced back in September of last year.

The idea is to give incentives to developers to convert vacant office buildings into condos and apartments. The financial district took a hit during the pandemic, so city leaders are now trying to help turn things around.

The goal is to add more than 1,000 residential units to the area by repurposing some of LaSalle Street’s historic buildings. About 300 of the units would likely be deemed affordable units.

In turn, developers who help carry out the plan will get some incentives and tax increment financing dollars. At last count, the LaSalle/Central TIF District had close to $200 million, plus there could be some tax credits related to historic conversions and affordable housing.

Developers have already submitted proposals for seven sites. Previously, Chicago leaders indicated some projects could “move forward” as early as this year.

As for some of the individual projects, four of the seven sites are buildings with a LaSalle Street address. They include one property where developers are pitching 432 residential units and some ground level retail space.

The most expensive project pitched was to turn a building that formerly housed Bank of America into 430 residential units, plus tens of thousands of square feet of retail, event, and cultural space. Another unique plan along LaSalle Street involves possibly adding student housing space and a scholastic esports venue.

There are also nearby proposals for buildings on Washington Street, Adams Street, and Monroe Street. This past summer, Google announced it planned to redevelop the Thompson Center into office space, which likely means more people will be searching for housing in the downtown area.