This Week's Chicago Deal Sheet: City Council Approves $158M In Adaptive Reuse Projects
The Chicago City Council approved $158M in funding for the adaptive reuse of two downtown office buildings.
The legislative body greenlighted tax-exempt housing revenue bonds for the LaSalle Residences project at 208 S. LaSalle St. and Monroe Residences & Hotel at 111 W. Monroe St., the Chicago Business Journal reported.
The LaSalle project will get $70.5M from the city to convert 225K SF of office into 226 residential units, 68 of which will be affordable units, the outlet reported. The Monroe project will receive $88M from the council to convert 342K SF into 345 residential units, 103 of which will be affordable units, according to the outlet.
The projects are a part of Mayor Brandon Johnson's LaSalle Street Reimagined initiative, a continuation of a policy created under former Mayor Lori Lightfoot.
PEOPLE
Clune Construction promoted six people to executive-level positions. The company promoted Erica Cox, Matt Delehanty, Kevin McIsaac and Peter O'Toole to vice president. Clune promoted Joe Klippel and Tom Eberhardt to senior vice president.
CONSTRUCTION AND DEVELOPMENT
Wayfair opened its first large-format store in Wilmette at 3232 Lake Ave. The 150K SF store replaces a space vacated by a former Carson’s and will offer a space to shop for furniture, home decor, housewares, appliances and home improvement products.
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Northern Builders will develop a 183K SF speculative industrial facility in Joliet at the Cherry Hill Business Park. Construction of the new facility is set to begin in August with an anticipated Q2 2025 delivery. Cushman & Wakefield’s Jason West, Sean Henrick and Ryan Klink will lease the property on behalf of Northern.
THIS AND THAT
The Goldie Initiative partnered with the Annexstad Family Foundation to provide scholarship support for two cohort members in its Goldie Scholars program. As part of its scholarship selection process, specific scholars will receive funding and additional benefits from the Annexstad Family Foundation. Selected Goldie Scholars can opt into the foundation's in-person and virtual programming.
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Lawmakers voted to name a state-owned office building in the Loop after longtime Secretary of State Jesse White, the Chicago Tribune reported. The building, at 115 S. LaSalle St., will be called the Jesse White State of Illinois Building. White will turn 90 next month.
