Historic 30 Million Office-to-Residential Conversion Project Approved for The LoopBy Socialhood News · Il/Chicago/The Loop ·
The Loop is set to welcome hundreds of new residents following the City Council's approval of a major residential conversion project at 30 N. LaSalle Street. The
30 million transformation, which received up to $57 million in Tax Increment Financing (TIF) support on January 21, will convert 14 floors of the underutilized 44-story office building into 349 new residential units.The ambitious project will repurpose approximately 371,000 square feet of office space into studio, one- and two-bedroom residences, with 30% of the units—105 apartments—designated as affordable housing for households earning an average of 60% of the area median income. The building, completed in 1974, has struggled with vacancy rates exceeding 50% as of mid-2025. This conversion represents a key component of the city's LaSalle Revitalization Initiative, which includes six adaptive reuse projects aimed at breathing new life into downtown Chicago.
Loop residents and prospective downtown dwellers can look forward to this significant addition to the neighborhood's residential options, which highlights the city's commitment to creating a more vibrant, 24/7 downtown environment. Construction could begin in early 2025, with leasing potentially starting in late 2026 or early 2027. The project promises to enhance The Loop's transformation from a primarily business district to a thriving mixed-use neighborhood where people can live, work, and enjoy Chicago's cultural amenities.
Sources:
1. https://www.chicago.gov/city/en/depts/dcd/provdrs/ec_dev/news/2026/february/tif-funding-approved-130-million-loop-residential-conversion.html
2. https://www.chicagobusiness.com/commercial-real-estate/151-million-tif-money-slated-back-four-loop-conversions
By Socialhood News · Il/Chicago/The Loop ·
The Loop is set to welcome hundreds of new residents following the City Council's approval of a major residential conversion project at 30 N. LaSalle Street. The
The ambitious project will repurpose approximately 371,000 square feet of office space into studio, one- and two-bedroom residences, with 30% of the units—105 apartments—designated as affordable housing for households earning an average of 60% of the area median income. The building, completed in 1974, has struggled with vacancy rates exceeding 50% as of mid-2025. This conversion represents a key component of the city's LaSalle Revitalization Initiative, which includes six adaptive reuse projects aimed at breathing new life into downtown Chicago.
Loop residents and prospective downtown dwellers can look forward to this significant addition to the neighborhood's residential options, which highlights the city's commitment to creating a more vibrant, 24/7 downtown environment. Construction could begin in early 2025, with leasing potentially starting in late 2026 or early 2027. The project promises to enhance The Loop's transformation from a primarily business district to a thriving mixed-use neighborhood where people can live, work, and enjoy Chicago's cultural amenities.
Sources:
1. https://www.chicago.gov/city/en/depts/dcd/provdrs/ec_dev/news/2026/february/tif-funding-approved-130-million-loop-residential-conversion.html
2. https://www.chicagobusiness.com/commercial-real-estate/151-million-tif-money-slated-back-four-loop-conversions