Chicago Mayor selects three LaSalle Street projects for apartment conversions.
City officials have selected three projects totaling 1,000 apartments to revive the LaSalle Street business district by providing subsidies to developers that convert office buildings there into mixed-income housing. The developers of the projects are seeking a combined $188 million in tax-increment financing from the city, money they say they need to make the developments financially feasible. In return, the developers would set aside nearly 320 apartments for low- and moderate-income renters. The initiative, known as LaSalle Reimagined, aims to bring more affordable housing to the Loop and create new energy in the central Loop.