Ciere Boatright, Commissioner | Chicago
Ciere Boatright, Commissioner | Chicago
Primera Group has received approval from the City Council for $67.5 million in Tax Increment Financing (TIF) to support its planned conversion of the Clark Adams Building into residential units. The total cost of the project is estimated at $183.5 million and will transform 400,000 square feet of commercial space at 105 W. Adams St. into 400 apartments, including studios as well as one- and two-bedroom units.
Of these residences, 120 are designated as affordable housing for households earning an average of 60% of the area median income. The TIF assistance will be provided through the LaSalle Central TIF district.
The development also includes upgrades to commercial spaces on the ground and mezzanine levels, while a portion of the upper floors will remain occupied by a hotel and related uses.
The Clark Adams Building, also known as the Bankers Building, is a 41-story Art Deco high-rise that was completed in 1927 and was once the tallest building in Chicago’s financial district. Designed by Burnham Brothers, it was recommended for landmark status by the Commission on Chicago Landmarks in July.
According to city officials, "The project is one of six adaptive reuse proposals advanced for City support as part of the City’s Loop Revitalization Initiative. Collectively, the planned office conversions represent more than $900 million in total investments and 1,765 units of mixed-income housing."
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