Mayor Johnson, developers break ground on new affordable housing project in Chicago's Loop
Chicago is taking a big step in rebuilding the Loop's vacant Financial District to become more residential-friendly.
Officials broke ground Thursday at the historic Rector Building, which will become the city's first office-to-residential conversion project.
The Rector is one of four buildings slated for a full makeover.
Mayor Johnson and the developers selected for the project broke ground at 79 W. Monroe St. and shared more on what they're calling the "LaSalle Street Revitalization Initiative." The project first began under former Mayor Lori Lightfoot.
"The investments we are describing today will ensure that Chicago continues to grow and thrive not just today but for generations to come," Johnson said.
The project will add 171 new apartments to the Loop, with 35% of the units being affordable housing—part of a national movement to repurpose vacant office space in a post-COVID era.
"Record vacancy rates caused by the global pandemic led us to make real choices critical choices on how the Loop's older property can continue to serve needs and our underutilized commercial spaces can contribute to the Loop post-pandemic renaissance," Johnson said.
To make the LaSalle Street corridor feel more like a neighborhood, the city plans to build 1,400 mixed-income apartments in the coming years.
Three hundred of those will be affordable housing for residents who make 60% of the median income in this neighborhood.
The Rector Building project received $28 million in tax increment financing from the City Council last year. The building was also recently granted landmark status, which the city says will help protect it during the project.
