Mayor Johnson Plan to Transform Downtown Offices into Homes – Revamping the Cityscape!

Mayor Johnson Advances LaSalle Street Reimagined Initiative: Breathing New Life into Downtown Offices

Former Lightfoot Proposal Gains Momentum: 30% Affordable Housing Mandate in Central Business District Transformation

Mayor Brandon Johnson has unveiled plans to advance the LaSalle Street Reimagined Initiative, originally proposed by former Mayor Lori Lightfoot in 2022, aimed at converting outdated office spaces into residential units. Cementing this vision, Johnson intends to transform four office buildings in the central business district into apartments, with a mandate that at least 30% of the units be designated as affordable housing. With vacancies exacerbated by the pandemic and shifting workplace dynamics, Johnson asserts the need to adapt to evolving conditions, emphasizing the $528 million total investment in the four projects, which collectively aim to repurpose approximately 40 floors of underutilized space. The ambitious initiative represents one of the largest adaptive reuse efforts within any central business district in the United States, according to Ciere Boatright, Chicago Department of Planning and Development commissioner. The plan, supported by tax increment financing (TIF), aims to revitalize downtown while fostering a dynamic mix of upper-story uses that will positively impact ground-level businesses and local establishments. While proponents argue that TIF funding would incentivize new ownership and drive downtown revitalization, opposition voices raise concerns over the source of taxpayer dollars and the allocation of resources for downtown restoration.

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Mayor Johnson Plan to Transform Downtown Offices into Homes – Revamping the Cityscape!(PHOTO: Getty Images)

City Council and Commission Nod Away from LaSalle Street Reimagined Initiative: Projected 2018 Start

In the event that the City Council and pertinent bodies, such as the Chicago Community Development Commission, grant their permission, the projects—which have the backing of downtown alderman like Brendan Reilly—may begin as early as 2018. In addition to addressing transportation issues and shortening long commutes, the effort aims to provide affordable housing options for lower-wage downtown workers. The mayor’s office is looking forward to announcing more projects in the future, highlighting its dedication to bringing life back to downtown and guaranteeing fair access to housing opportunities in all of Chicago’s neighborhoods.

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