The Chicago City Council has given the green light for $158 million in tax-exempt housing revenue bonds to be used for the redevelopment of two office buildings located in downtown. According to a report from the Chicago Business Journal, this funding will go towards converting 225,000 square feet at 208 S. LaSalle Street into 226 residential units as part of the $123 million LaSalle Residences project. Additionally, another $88 million will be allocated for converting 342,000 square feet at 111 W. Monroe Street into a mix of retail and housing with a total of 345 residential units under the name Monroe Residences & Hotel.
This financing is part of an initiative known as LaSalle Street Reimagined which aims to repurpose unused office buildings along this corridor by transforming them into mixed-income developments that include both retail and housing options. Two other projects are also expected to join this initiative: one located at79 W.M onroe St.and anotherat30 N.La S alleStreet.
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