Two historic high-rises in the heart of Chicago’s Loop are poised for major residential conversions as part of the city’s ongoing push to revitalize its downtown core, with nearly $166 million in proposed public funding.

Mayor Brandon Johnson last week submitted Tax Increment Financing (TIF) proposals to City Council to support the adaptive reuse of the Clark Adams Building and the Field Building — two prominent Art Deco-era office towers — into a combined 786 apartments, 30% of which would be set aside as affordable housing.

Under the proposals:

• The Clark Adams Building at 105 W. Adams St. would receive $67.5 million in TIF assistance toward a $183.5 million project led by Primera Group. The plan includes 400 residential units — with 120 designated as affordable — plus upgraded retail space at the ground and mezzanine levels. A portion of the upper floors will remain in use as a hotel. Visit Chicago Construction News to read more!