Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | LinkedIn
Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | LinkedIn
City Council has approved significant support for the transformation of the historic Continental and Commercial building at 208 S. LaSalle St into residential space. This decision includes up to $26 million in Tax Increment Financing (TIF) and other incentives.
The project, led by the Prime Group and valued at $100 million, aims to convert approximately 180,640 square feet of commercial space into 168 mixed-income residential units. Of these, 51 units are designed for households earning an average of 60% of the area's median income.
Funding will be provided through the LaSalle/Central TIF district, along with Low-Income Housing Tax Credits and Historic Tax Credits. This initiative is one of five selected proposals to change the use of underutilized high-rises in the LaSalle corridor, emphasizing at least 30% affordable housing.
The building, known for its Classical Revival style, was completed in 1914 and recognized as a city landmark in 2007.
Alerts Sign-up