Vacancy rates in downtown Chicago hit an all-time high of 21.2 percent at the end of 2023. Chicago is converting four underused high-rise office buildings in the La Salle Street financial corridor into 1,000 new apartments, collectively valued at over $528 million in development costs.
Developers of the Chicago project will receive more than $150 million in tax increment financing (TIF) assistance to ensure 319 units are rented at affordable rates, defined by the city as tenants earning an average of 60 percent of the area median income.
The city has allocated $320 million of LaSalle TIF funding for upcoming 'LaSalle Street Reimagined' projects in 2025 and 2026, highlighting Chicago's commitment to revitalizing its urban landscape. Construction on the four approved projects is expected to commence in early 2025.
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