Mayor Brandon Johnson is spearheading a major revitalization project for vacant buildings in downtown Chicago, as reported by Bloomberg. The estimated cost of this project was initially $1 billion.
The city has been collaborating with multiple developers to refine plans for the LaSalle Reimagined initiative. This ambitious project aims to transform the LaSalle Street corridor in the Loop into a mixed-income residential area with various neighborhood-oriented amenities.
According to Jill Jaworski, Chief Financial Officer of Chicago, an official announcement will be made in the upcoming months after facing delays due to high interest rates. Former Mayor Lori Lightfoot initiated this massive overhaul and had previously selected developers for five buildings along LaSalle, Adams and Monroe streets.
Jaworski refrained from commenting on whether all five projects will proceed as planned but expressed support towards transitioning office spaces into affordable housing units. She also emphasized on maintaining a vibrant downtown area for Chicago residents.
This news was originally published by Connect CRE and highlights Mayor Johnson’s efforts towards transforming LaSalle Street through a $1 billion initiative.
