Mayor Lightfoot thanked ULI Chicago for helping shape the vision for LaSalle Street Reimagined during her announcement in the historic Rookery building on September 26, 2022.

Mayor Lightfoot has announced a new initiative, “LaSalle Street Reimagined” to incentivize the transformation of Chicago’s iconic LaSalle Street into a vibrant mixed-use district in accordance with the recommendations of ULI Chicago’s LaSalle Street Technical Assistance Panel.

The panel emphasized the need to shift away from the current monoculture of office use on LaSalle by encouraging a new mix of uses, especially residential, and leveraging LaSalle’s rich architectural heritage to create a unique, people-centric street. To ensure that this new vision for LaSalle is inclusive of all Chicagoans, the panel recommended providing targeted financial incentives, including TIF support. Read the LaSalle Street TAP recommendations and report.

Under the City’s new initiative, property owners and developers looking to convert obsolete office space into residential units on LaSalle, can now apply for TIF support if at least 30% of the new units created, are affordable. The City will also offer subsidies to reactivate street-level and lobby spaces and start the process to create a more pedestrian-friendly LaSalle Street, better suited to support an active, mixed-use environment. Read more about the City’s new initiative, LaSalle Street Reimagined.

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IN THE NEWS:

• City looks to spark Loop housing wave with TIF money, incentives | CRAIN’s

• Revitalizing LaSalle Street: Lightfoot Offers Up TIF Money To Convert Vacant Offices Into Housing | Block Club Chicago

• City solicits proposals for LaSalle Street renewal | Chicago Sun-Times

• Chicago’s Mayor to Make Announcement on ‘Future of LaSalle Street Corridor’ | NBC5 Chicago