As former Chicago Mayor Lori Lightfoot’s initiative to subsidize office-to-residential conversions on LaSalle Street remains in limbo under the administration of Mayor Brandon Johnson, one pair of developers isn’t waiting any longer.
Golub & Company and Corebridge Financial applied for rezoning to convert a 54 percent vacant office building at 30 North LaSalle Street to residential, Urbanize Chicago reported.
They had asked for $62 million in TIF funding from Lightfoot’s LaSalle Street Reimagined program to help fund the $143 million conversion. In exchange for the subsidy, they would have set aside 30 percent of the units as affordable.
Under the developers’ revised plans, none of the apartments would be set aside as affordable. The top 20 floors would remain office space, while the remaining floors would be converted to 349 apartments.
Einstein Bagels would relocate to the west side of Washington Street to clear the way for a residents’ lobby. The office lobby, which includes an Amalgamated Bank retail space and a Starbucks, would remain in the same location. The first floor would also include a dog run and bike parking. A coworking space and party room are planned for the second floor.
Lender American General Life Insurance took ownership of the building in October as the only bidder offering the minimum $35 million at foreclosure auction. The former owner, New York-based AmTrust Realty, had fallen behind on paying its $165 million mortgage.
Johnson used $111 million from the LaSalle Central TIF district surplus to fund this year’s budget, limiting the funding source for the LaSalle Street initiative.
He hasn’t committed to continuing Lightfoot’s proposal, stating his administration’s focus is creating a “comprehensive central business district plan.” Although the mayor’s office is open to funding some LaSalle Street projects, each proposal will be evaluated on its merits, without an obligation to fund all projects previously selected by Lightfoot.
– Emma Whalen
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