**Developers Break Ground on Affordable Housing Project at 79 West Monroe in Chicago**
Chicago Mayor Brandon Johnson recently participated in a groundbreaking ceremony for the redevelopment of 79 West Monroe, marking the start of a $64 million office-to-residential conversion project. The initiative, led by Lagfin and Chicago-based developer R2 Companies, will repurpose the upper floors of the historic Rector Building into new residential housing.
The Rector Building, a landmark high-rise and the oldest surviving commercial building designed by architect Jarvis Hunt, will soon be home to 117 new apartments in the Loop area. The apartments will include a mix of market-rate and affordable units, aligning with the city’s goal to increase housing availability in the downtown core.
Lagfin, the holding company of global beverage brand Campari, is a key investor in the project. The company has made significant commitments to real estate development in Chicago, helping to reshape underutilized buildings into vibrant residential communities.
“Chicago has a long history of pioneering innovative architecture projects, and we have repeatedly demonstrated our ability to overcome challenges by reimagining our city for the future,” said Mayor Johnson.
To support the project, the Chicago City Council has approved $28 million in Tax Increment Financing (TIF) funding. This major investment is part of the city’s broader efforts to revitalize the Loop and address the growing demand for affordable housing.
