Chicago City Wire

The city is considering a proposal to convert five floors of the historic Continental and Commercial building at 208 S. LaSalle St. into residential units. The plan involves transforming approximately 80,640 square feet of commercial space into 168 mixed-income residences. This project, led by Prime Group, has an estimated cost of $100 million.

Mayor Brandon Johnson proposed to the City Council that this conversion be supported with up to $26 million in Tax Increment Financing (TIF) assistance from the LaSalle/Central TIF district and other incentives. These additional supports include Low-Income Housing Tax Credits and Historic Tax Credits.

Of the new residential units, 51 would be designated for households earning an average of 60% of the area median income. This initiative is part of a broader effort by the Chicago Department of Planning and Development and Department of Housing to repurpose underutilized high-rises in the LaSalle corridor for residential use, with a requirement that at least 30% of these homes are affordable.

The building itself is notable for its Classical-Revival style architecture and was completed in 1914. It received designation as a City landmark in 2007.