CHICAGO (WBBM NEWSRADIO) — The Johnson administration wants to use over $150 million in taxpayer subsidies to help revitalize some Loop office buildings and add more affordable housing.
The administration wants to offer subsidies to help developers afford buildings in and around LaSalle Street, upgrade their existing buildings, add residential units and guarantee that at least 30% of the new housing is affordable.
Michael Reschke, CEO of the Prime Group, joined Mayor Brandon Johnson in the lobby of one of the buildings — 208 S. LaSalle St. — to cheer the revitalization.
“This partnership is just not about renovating buildings; it’s about building dreams and opportunity for all of the citizens of Chicago,” he said.
Housing Commissioner Lissette Castañeda echoed that sentiment.
“With a total of 319 housing units — affordable housing units — these developments embody our commitment to ensuring that affordable housing is available in all 77 community areas,” she said.
Developer Quintin Primo, head of Capri Investment Group, applauded this continuation of former Mayor Lori Lightfoot’s LaSalle Street Reimagined initiative.
“Google as a key anchor in the LaSalle Street corridor is certainly a great start to catalyzing the area,” he said. “However, to thoroughly invigorate the central Loop, and specifically the LaSalle Street Historic District, creative and impactful public policy is needed in parallel.”
Mayor Brandon Johnson said that collectively, “these projects are a full-blown march into an inclusive and vibrant future for our downtown.”
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