**Chicago Approves $66M in TIF Funding for Office-to-Residential Conversions**
The Chicago City Council has approved $66 million in Tax Increment Financing (TIF) to support the redevelopment of two vacant downtown office buildings into residential apartments. The funding is part of the city’s “LaSalle Street Reimagined” initiative, aimed at revitalizing the historic financial corridor by repurposing underutilized office space.
The funding will come from the LaSalle/Central TIF district and will also leverage additional financial tools, including Low-Income Housing Tax Credits and Historic Tax Credits.
Of the total approved funding, $40 million has been allocated to the transformation of the Harris Trust and Savings Bank building at 111 W. Monroe Street. This project will convert 12 floors of the historic building into 345 mixed-income residential units. Another $26 million will support the conversion of five floors at the landmark Continental and Commercial building at 208 S. LaSalle Street into 168 mixed-income units.
These two adaptive reuse projects are part of five proposals selected through a city-issued request for redevelopment ideas, managed by the Chicago Department of Planning and Development and the Department of Housing. The initiative is a key element of the city’s strategy to revitalize the downtown corridor and increase housing options in the urban core.
