Lightfoot, city leaders announce plans bringing new businesses to LaSalle Street Corridor
CHICAGO (CBS) -- Mayor Lori Lightfoot and other city leaders on Monday announced plans for filling commercial vacancies along the LaSalle Street Corridor in the Loop.
In an invitation for proposals as part of the city's LaSalle Reimagined Initiative, the mayor said the "pervasive" commercial vacancies could be revitalized with both new storefront businesses and more than 1,000 new homes – including 300 affordable units.
"There are nearly 5 million square feet of vacant commercial space on the LaSalle Street corridor, but not a single unit of affordable housing," Mayor Lightfoot said in a news release. "Diversifying this corridor is an essential component in our strategy to restore LaSalle's vitality, create more neighborhood-serving retail, and foster a more inviting pedestrian environment in the heart of the Loop that will benefit all Chicagoans."
Owners of buildings on LaSalle Street between Washington Street and Jackson Boulevard are eligible to respond to the invitation for proposals in order possibly to receive city support.
Priority for proposals will go to properties that are designated Chicago landmarks, are eligible to become landmarks, are rated as "orange" on the city' Historic Resources Survey, or are contributing structures in the West Loop-LaSalle National Register District.
The city is looking for proposals that bring "equitable and sustainable developments" to underperforming buildings – including converting office space to apartments, reactivating building lobbies for cultural and entertainment purposes, and bringing businesses such as locally-owned and operated stores and restaurants to vacant storefronts.
The downtown LaSalle Street corridor is a cavernous stretch lined with tall and stately buildings, many of which house the nerve centers of the city's financial sector.
"It's no secret that LaSalle Street, I think, is an important, iconic, historic stretch of the Central Business District," Mayor Lightfoot said at last week's City Council meeting. "There's been a lot of movement with law firms and banks moving to other locations. We just want to make sure that stretch from really the Board of Trade to Wacker remains vibrant."
Mayor Lightfoot's announcement at the Rookery Atrium Monday came after Google announced its expansion downtown.