Chicago City Wire

The City Council has approved financial support for the conversion of the historic Harris Trust and Savings Bank building located at 111 W. Monroe St. into a residential property. The development project, valued at $179.2 million, is being led by Prime Group and Capri Interests LLC. It will transform twelve floors, or approximately 315,000 square feet, from commercial office space into 345 mixed-income housing units.

The conversion project will receive up to $40 million in Tax Increment Financing (TIF) assistance, sourced from the LaSalle/Central TIF district, along with other city incentives. Additionally, Low-Income Housing Tax Credits and Historic Tax Credits will be provided.

"The project is one of five selected responses to a Chicago Department of Planning and Development and Department of Housing invitation for proposals to repurpose underutilized LaSalle corridor high-rises with residential uses that are at least 30% affordable."

Of the total residential units, 104 will be earmarked for households earning an average of 60% of the area median income. This initiative aligns with efforts to increase affordable housing options in the area.

The Harris Trust and Savings Bank building, notable for its Classical Revival-style and completed in 1911, is listed on the National Register of Historic Places. Recently, the Commission on Chicago Landmarks recommended it for designation as a City landmark. This designation, expected to be introduced to City Council in the spring, would support the building's adaptive reuse.