135 South LaSalle Street
135 South LaSalle - New Residence Entrance - Rendering
City Selects Three LaSalle Street Adaptive Re-Use Proposals for Financial Support
City of Chicago Press Release click here.
Among the finalists is 135 South LaSalle. Riverside together with it’s partner AmTrust RE is excited for the opportunityto convert this office tower into 430 market-rate and affordable apartments. We look forward to helping transform LaSalle Street corridor into a dynamic area where people can live, work and play.
A Look at the projects:
CRAIN’S Chicago Business | March 29, 2023 | By Danny Ecker
See the three LaSalle Street proposals that made it to the winners' podium
The Lightfoot administration has picked three development proposals for its plan to convert empty LaSalle Street offices into housing.
Here they are:
135 South LaSalle Stteet
Developer: Riverside Investment & Development and AmTrust Realty — 430 units; 129 affordable
Total cost: $258 million
TIF request: $115 million
Other financing: $34 million in historic tax credits, $31 million in equity, $79 million in debt
Timeline: With a 12-month construction timeline, aims to open the residential portion of the building in first-quarter 2025.
Details: The biggest of the projects, Riverside is hoping to revive the distressed 1.3 million-square-foot building that used to be home to Bank of America until Riverside lured the company to its new tower at 110 N. Wacker Drive. The developer is touting the mixed-use elements of its plan as a crucial piece of what the city hopes to build on LaSalle Street. In addition to apartment units, which would span 11 floors in the building's low-rise portion, the building would include rooftop amenity spaces; two levels of parking; and 80,000 square feet of new lobbies, retail, food and beverage, and event and cultural spaces, as well as a fresh-market grocer to serve the street's new residents. The revamped building would generate 192 new permanent jobs.
208 South LaSalle Street
Developer: Prime Group — 280 units; 84 affordable
Total cost: $130 million
TIF request: $33 million
Other financing: $13 million in equity, $84 million in tax-exempt housing bonds and historic tax credits
Timeline: Aims to begin construction in July and complete the project by September 2024.
Details: Developer Mike Reschke wants to turn the five-floor block of office space above the distressed JW Marriott Chicago hotel and below Reschke's new LaSalle Hotel into high-end apartments. Reschke highlights the continued preservation of the landmark building and 240 construction jobs the project would create. A Reschke-led venture owns the five-floor block of offices, though his lender filed a $50 million foreclosure lawsuit against his firm in 2021, alleging it defaulted on its loan. A separate Reschke venture recently resolved the dispute when it purchased the property out of receivership.
111 West Monroe Street
Developer: Prime/Capri Interests — 349 units; 105 affordable
Total cost: $180 million for residential, $115 million for club and hotel
TIF request: $40 million for residential portion
Other financing: $122 million in historic and low-income housing tax credits and taxexempt housing bonds, $18 million in equity