Mayor Brandon Johnson is spearheading a major redevelopment project for vacant buildings in downtown Chicago, as reported by Bloomberg. The estimated cost of the project is $1 billion.
Several developers have been collaborating with the city to refine plans for the LaSalle Reimagined initiative. This ambitious project aims to revitalize the LaSalle Street corridor in Chicago’s Loop area, incorporating mixed-income residential units and other community-focused amenities.
According to Jill Jaworski, Chief Financial Officer of Chicago, an official announcement will be made in the coming months after facing delays due to high interest rates. Former Mayor Lori Lightfoot initiated this extensive overhaul plan and had selected developers for five buildings on LaSalle, Adams and Monroe streets.
Jaworski refrained from commenting on whether all five projects will move forward or not. She stated that “We are highly supportive of converting some office spaces into affordable housing units as we strive towards maintaining a thriving downtown area.”
