Adam RollinsEfforts to push redevelopment of one of Chicago’s historic streets into a modernized cornerstone of culture and economic prosperity are on-track after the Community Development Commission approved a measure to unlock $67 million in tax increment financing (TIF) funding for the project. The City Council will now decide whether to sign off on the investment.
The LaSalle Street Reimagined program was created by the former mayor to revitalize the heart of the city’s central business district. The project has since been picked up as a top priority by current Mayor Brandon Johnson to transform the area into a Loop neighborhood with updated amenities.
Approval of the $67 million investment would enable the project to redevelop the Clark Adams Building, a historically important, 41-story tower with more than a century of cultural significance behind it. To date, the building has struggled with a high vacancy rate and underutilized space. Renovations would create hundreds of new apartments, reserving 121 as affordable housing options.
Additional work on the building will revamp existing infrastructure. Plans include replacing windows, cleaning the street-facing facades, potentially repointing and replacing select portions of terra cotta material, adding amenities to the 24th floor and building walk-out terraces and green spaces on the 23rd floor.
The call for updated residential amenities is just one major aspect of the holistic plans for the street. Other goals prioritized as part of the redevelopment program will include:
- Promoting global innovation.
- Enhancing the public realm.
- Updating neighborhood-oriented amenities.
- Sustaining historic buildings.
The project represents a turning point for the city’s efforts to preserve historic sections of Chicago while employing adaptive reuse methods to meet the needs of modern-day residents. If City Council approves the TIF funds, construction may begin by January 2026.
Photo Courtesy the City of Chicago
