Chicago City Wire

The City Council has approved $28 million in Tax Increment Financing (TIF) to support the conversion of seven floors at 79 W. Monroe St. from office space into 117 mixed-income residential units. The project, undertaken by Brown Derby LLC, is valued at $64.2 million and will offer 35% of its 41 units as affordable housing for households earning an average of 60% of the area median income.

The redevelopment plans include a rooftop deck, renovations to the basement and ground floor, and a new lower-level retail space. Existing tenants such as Walgreens and Intrinsic Schools will not be affected by these changes.

This initiative is part of Mayor Brandon Johnson's broader strategy to adaptively reuse four projects within the Loop’s historic financial district. These projects are collectively valued at over $528 million and aim to create more than 1,000 new apartments, including 300 affordable units in underutilized office buildings.

Originally known as the Rector building when completed in 1906, this structure was designed by Chicago architect Jarvis Hunt. An addition designed by Holabird & Roche was added in 1924. In 2013, it was listed on the National Register of Historic Places as part of the West Loop-LaSalle Street Historic District.

A notable feature of this building is its weather prediction clock installed in the 1950s by Bell Federal Savings & Loan, which will be restored during this project. Additionally, future landmark designation by the City of Chicago will apply to its exterior elevations.

The project at 79 W. Monroe is one among four receiving TIF assistance approved earlier this year by the City's Community Development Commission. This support aims to generate over 300 affordable apartments through funding from the LaSalle/Central TIF district along with other financial incentives.