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LaSalle Street conversion incentive, terms
City of Chicago Department of Planning and Development
City of Chicago Department of Planning and Development. Read September 30, 05:43
MeasureValue
Eligible buildingsOffice towers built before 1980
Incentive pool$100 million
Share of floor area convertedAt least 50%
Affordable share of new units30%
Read by us
September 30, 2026, 05:43
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What we took from it
1The 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.LaSalle Street conversion incentive, termsLaSalle Street conversion incentive, termsStated in the recordStated
2The terms cover office buildings constructed before 1980.LaSalle Street conversion incentive, termsLaSalle Street conversion incentive, termsStated in the recordStated
3They list an incentive pool of $100 million.LaSalle Street conversion incentive, termsLaSalle Street conversion incentive, termsStated in the recordStated
4A building qualifies if at least half of its floor area becomes residential.LaSalle Street conversion incentive, termsLaSalle Street conversion incentive, termsStated in the recordStated
5The terms require 30% of the new units to be affordable.LaSalle Street conversion incentive, termsLaSalle Street conversion incentive, termsStated in the recordStated
6They limit support to buildings in the LaSalle Street corridor.LaSalle Street conversion incentive, termsLaSalle Street conversion incentive, termsStated in the recordStated