Developers of three separate proposals are seeking a combined $188 million in city funding to create a total of 1,000 new apartments.
The three projects were chosen from nine applicants after the city sought proposals for the LaSalle Street revitalization initiative in September.
"The LaSalle Street corridor is a vital economic engine for our entire city, and we must ensure it remains that way by transforming it from a homogenous office district into a thriving, mixed-use community. By converting underutilized office space to residential units, we will make the Loop a safer, more dynamic and vibrant place to live and work," Lightfoot said in a statement.
The projects will require evaluations by the Community Development Commission, the Commission on Chicago Landmarks, and the City Council, a lengthy process that will mean it's unlikely the projects will be given the go-ahead before Lightfoot leaves office in May, and will require continued support from her successor, Brandon Johnson or Paul Vallas. The tax increment financing the projects are seeking also will require approval by the City Council.
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