Chicago City Wire

Twelve floors of the historic Harris Trust and Savings Bank building at 111 W. Monroe St. in Chicago are set to undergo a significant transformation. Mayor Brandon Johnson has proposed a plan to convert this office space into 345 mixed-income residential units, utilizing up to $40 million in Tax Increment Financing (TIF) assistance along with other incentives.

The project, led by Prime Group and Capri Interests LLC, is estimated at $179.2 million. It aims to repurpose around 315,000 square feet of upper-floor commercial space for residential use. Notably, 104 units will be allocated for households earning an average of 60% of the area's median income.

Funding support would come from the LaSalle/Central TIF district, with additional backing through Low-Income Housing Tax Credits and Historic Tax Credits.

This initiative is part of a broader effort by the Chicago Department of Planning and Development and Department of Housing to transform underutilized high-rises in the LaSalle corridor into residential spaces that include at least 30% affordable housing options.

The Harris Trust and Savings Bank building, completed in 1911 and recognized on the National Register of Historic Places for its Classical Revival style architecture, is one of five selected projects under this initiative.