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LaSalle Street tests the same idea
The terms set aside $100 million, and the permit register already lists four office-to-residential applications on the street.
Chicago Loop · September 30 · Based on 3 documents
AreaChicago Loop
Key facts
$100 million incentive pool
Buildings constructed before 1980
30% of new units affordable
Four conversion applications filed
The City of Chicago Department of Planning and Development has published terms for an incentive to convert older office towers on LaSalle Street in the Loop into homes. The terms cover office buildings constructed before 1980. They list an incentive pool of $100 million.
$100M
Incentive pool listed in the terms
A building qualifies if at least half of its floor area becomes residential. The terms require 30% of the new units to be affordable. They limit support to buildings in the LaSalle Street corridor.
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Still in this story
The affordable share the terms require
The applications in the permit register
The district's fund balance
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