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12 Jun 2024

CDC approves $57 million in TIF for 30 N. LaSalle

CDC approves $57 million in TIF for 30 N. LaSalle

The Community Development Commission has approved $57 million in TIF financing for the adaptive reuse of 30 N. LaSalle. Planned by Golub and Co, the 44-story office tower was built in 1974 and is 52% vacant. Corebridge Real Estate Investors is serving as the lender for the project. 

Designed by SCB, the adaptive reuse would convert floors three through 18 into 349 apartments with amenity space, while the remaining upper floors would be retained as office space. On the ground floor, a residential lobby will be located along W. Washington St flanked by retail on each side. The office lobby will be retained along N. LaSalle St with back of house space along W. Calhoun Pl which acts as an alley. Residents will have access to a mail room and bike room for 124 bikes behind the residential lobby. Outside, new landscaping and seating will be added with a dog run along the west side of the building.

On the second floor, the conversion will include leasing offices as well as a resident lounge and coworking space. Another bike room with space for an additional 97 bikes and mechanical space will round out the floor. 

With 23 units per floor typically, the project’s 349 units will be split into 222 studios, 98 one-beds, and 29 two-beds. Of those, 66 studios, 30 one-beds, and nine two-beds will be set aside as affordable between 40-80% AMI. 

The exterior of the building will remain largely the same, except for the installation of new windows at the residential units. On the 11th floor, residents will have access to a new projecting terrace that will feature a variety of seating areas and fire pits.  The interior of the 11th floor will have a resident lounge, party room, fitness center, and locker rooms. 

The $135 million project will be funded by $25.5 million in equity, $51 million in loans, $57 million in TIF funding, and a $1.5 million deferred developer fee. 

With underwriting underway, the approval secured from the Community Development Commission will allow for negotiations to continue with the Department of Housing as they draft a redevelopment agreement. The plan will need final approval from the City Council before the proposal is fully approved. If approved, the developer plans to begin construction in March 2025 and complete the project by January 2027.

Find out more at Urbanize Chicago 

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