CHICAGO (WBBM NEWSRADIO) -- The city has announced that three historic high-rises in the Loop are being converted into mixed-income housing, retail and hotel space.
Mayor Lightfoot said commercial vacancies were becoming a problem before the pandemic made the situation worse and these projects represent the re-purposing of about a million and a half square feet of vacant commercial space.
"The downtown area is essential to Chicago's successful and it's critical that we revitalize this area to its greatest potential."
About $190 million is coming from TIF (Tax Incentive Funding).A two-person household earning about $50,000 dollar a year would qualify for the affordable units.
The buildings are at 111 West Monroe, 135 South LaSalle and 208 South LaSalle. There are currently no affordable units in the LaSalle Street Corridor.
Related
Listen to WBBM Newsradio now on Audacy!
Sign up and follow WBBM Newsradio
Facebook | Twitter | Instagram