Firm BizFirm Biz
  • Daily Biz
  • The Arena
  • Money Talks
  • Culture
  • About Firm Biz
  • Contact Us
Facebook Twitter Instagram
  • Daily Biz
  • Money Talks
Firm BizFirm Biz
  • The Arena
  • Culture
Firm BizFirm Biz

LaSalle Street Initiative Aims to Revitalize, Repurpose Financial District Buildings in Chicago

Babe RuthlessOctober 1, 2022 Culture
Share Facebook LinkedIn Twitter Email

Pervasive commercial vacancies along LaSalle Street in the Loop could be revitalized with new storefront businesses and more than 1,000 new homes, including 300 affordable units, through an Invitation for Proposals (IFP) announced by Mayor Lori E. Lightfoot today as part of the City’s LaSalle Reimagined initiative.

“There is nearly 5 million square feet of vacant commercial space on the LaSalle Street corridor, but not a single unit of affordable housing,” Mayor Lightfoot said. “Diversifying this corridor is an essential component in our strategy to restore LaSalle’s vitality, create more neighborhood-serving retail, and foster a more inviting pedestrian environment in the heart of the Loop that will benefit all Chicagoans.”

Owners of buildings located on or adjacent to LaSalle generally between Washington Street and Jackson Boulevard are eligible to respond to the IFP for potential City support. Priority adaptive reuse proposals should involve underutilized properties that are either designated Chicago landmarks, eligible to be designated as landmarks, rated “orange” on the Chicago Historic Resources Survey, or contributing structures to the West Loop-LaSalle National Register District.

The studies include the “Central City Recovery Roadmap,” developed by the City with assistance from the Chicago Central Area Committee in June 2021, and an Urban Land Institute report for LaSalle issued in February 2022 with support from DPD, the Chicago Loop Alliance and other area entities.

“The IFP is a direct response to the need for a coordinated and comprehensive strategy that repositions the street as one of the most innovative, equitable and forward-thinking throughfares in the country,” DPD Commissioner Maurice Cox said. “As one of Chicago’s most architecturally compelling and transit-served corridors, there should be more mixed uses and far more economic activity both inside and outside of corridor properties.”

The IFP calls for proposals that revitalize underperforming buildings with equitable and sustainable improvements, including the conversion of commercial spaces to residential units of which 30% are affordable; the reactivation of building lobbies and other spaces for cultural or entertainment purposes; and storefront improvements that create more neighborhood-oriented amenities, such as grocery stores and restaurants that are locally owned and operated.

City support through the IFP will result in hundreds of new residents along the corridor, new cultural and entertainment destinations, and millions of dollars of additional annual tax revenues for the City.

“This is a major step in helping revitalize an important corridor in Chicago’s Central Business District,” Ald. Brendan Reilly (42nd) said. “I look forward to reviewing the final proposals and working alongside Mayor Lightfoot to reinvigorate and redevelop the heart of Chicago’s economic engine.”

“For a reimagined LaSalle Street to reach its full potential, it needs infrastructure that is accessible, inviting, and innovative,” said CDOT Commissioner Gia Biagi. “Along with improving the structural conditions of the street, CDOT looks forward to building a Lasalle Street of the future that better serves its residents, workers, and visitors.”

“Revitalizing our city’s arts and culture scene is essential to our post-pandemic recovery,” said DCASE Commissioner Erin Harkey, “and the arts must be at the center of bringing Chicago back, in all 77 neighborhoods including Everyone’s Neighborhood, the Loop — and LaSalle Street, reimagined.”

“The LaSalle Reimagined initiative is a unique opportunity to create hundreds of homes, including much-needed affordable housing in the City’s central business district. This initiative moves us closer to our goal of an equitable distribution of affordable housing across all 50 wards and all 77 community areas, using our financial incentive tools in the way they are intended,” DOH Commissioner Marisa Novara said.

City assistance for future residential projects would require 30% of the units to be affordable. Currently, there are no zoning or other requirements for private adaptive re-use projects to include affordable housing. Affordable units would be priced for tenants earning an average of 60% of the area median income (AMI), or $50,040 annually for a two-person household, based on 2022 AMI levels.

Proposals will be evaluated for City assistance based on economic viability, development team diversity and experience, design, public benefits, and other factors. The IFP due date is December 23, 2022.

Join the FirmBiz360 Newsletter

Share. Facebook LinkedIn Twitter Pinterest Email

ELSEWHERE ON FIRM BIZ:

NFL, RedBird Capital Announce New Venture to Deliver Sunday Ticket to Bars and Restaurants

Uber Eats Is Deleting “Ghost” Restaurants So Customers Don’t Get Scammed

Can a candidate run for President while in Prison?

MSE exec, BET co-founder Sheila Johnson to publish memoir

Mobile Sports Betting: Booming in Some States, Others Shy Away

Remote Work Is Declining in U.S., Says Labor Department

Currenty Trending

Brandon Johnson’s Anti-Crime Plan Looks A LOT Like Lori Lightfoot’s

Has Mayor Vi Lyles flamed out in Charlotte?

Remote Work Is Declining in U.S., Says Labor Department

MSE exec, BET co-founder Sheila Johnson to publish memoir

Spotify is revamping its podcaster tools, including Anchor, and is partnering with Patreon

YouTube TV Raises Price for Monthly Subscribers

Redesign|Rebuild|Reclaim
Redesign Rebuild Reclaim
Redesign Rebuild Reclaim
Listen OnApple PodcastsListen OniHeart RADIO
Michelle Pascal

Publicist/Event Coordinator Michelle Pascal (@themichellepascal) discusses her unconventional road to Public Relations, coordinating a fashion show outside on a Harlem block, and the keys to keeping clients happy as a Publicist. (Season 2, Episode 1)

Produced and Hosted by Chuck Holliday
Theme Music: “Looking Up” by Versa Jay Beats
Show Page: www.suite929.tv/podcasts/redesignrebuildreclaim/

Michelle Pascal
Episode play icon
Michelle Pascal
Episode Description
Episode play icon
Mo Brown Suga
Episode Description
Episode play icon
Kenya Thomas
Episode Description
Episode play icon
Jennifer Moxley
Episode Description
Episode play icon
Kerry Yanique Croft
Episode Description
Search Results placeholder

   
About Firm Biz  •  Contact Us  •  Privacy Policy  •  Corporate Website
© 2023 Firm Biz, a unit of Suite929 LLC

OUR PUBLISHING NETWORK:
Suite929tv   •   Lifestyle Republic   •   Tech We Like   •   G Style Magazine   •   The 9ine Podcast Network

Type above and press Enter to search. Press Esc to cancel.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT