Chicago's La Salle Street is poised for a transformation that is stirring up discussions about diversity in development. Mayor Brandon Johnson recently presided over a groundbreaking ceremony for a project at 79 W. Monroe St., aiming to revitalize the La Salle Street corridor with the conversion of vacant office spaces into housing—echoing an initiative started by his predecessor, Mayor Lori Lightfoot. According to an NBC Chicago report, this marks a significant development in the city's post-pandemic recovery efforts.
The project includes the renovation of the historic Rector Building to house 117 apartment units, with 35% dedicated as affordable housing. The $64 million investment will also feature a fitness center, a lounge, and a roof deck, as described by Chicago Department of Planning and Development Commissioner Ciere Boatright. On top of this, the city is pushing forward plans to redevelop several other properties along La Salle Street, including buildings at 135 S. La Salle St., 111 W. Monroe St., 208 S. La Salle St., and 30 N. La Salle St., as per NBC Chicago. Mayor Johnson emphasized the importance of continuing to grow the city's neighborhoods through equitable economic initiatives and more affordable housing opportunities.
The city has also given the nod to a combined $65 million in subsidies for the transformation of two other La Salle Street office buildings into residential spaces. The Finance Committee's move, as reported by the Chicago Sun-Times, involves a $40 million TIF subsidy and up to $40 million in multi-family revenue bonds for the creation of 345 residential units at 111 W. Monroe. Meanwhile, another building at 208 S. La Salle will see 226 apartments emerge, with 68 being affordable, backed by $26.2 million in TIF assistance and $25 million in revenue bonds.
But beneath the surface of these plans lies another vital conversation—the inclusion and participation of minority-owned businesses in these lucrative contracts. Concerns raised by Budget Committee Chair Jason Ervin have led to demands for a commitment to a minimum of 26% African-American participation, with an additional 6% reserved for companies owned by women. "I’m not against what’s happening. I’m just against the brothers not getting a cut," Ervin told the Chicago Sun-Times.
