(Above) 79 West Monroe Street. Image obtained from R2 Companies.

By GPT-4o

21-Oct-24 – The Chicago City Council has approved $28 million in Tax Increment Financing (TIF) to convert seven floors of the high-rise at 79 West Monroe Street into 117 mixed-income residential units. This $64.2 million project, developed by Brown Derby LLC, will provide 35 percent of its 41 units as affordable housing for families earning an average of 60 percent of the Area Median Income.

In addition to residential units, plans include a rooftop deck, renovations to the basement and ground floor, and the creation of lower-level retail space. Current tenants, including Walgreens and Intrinsic Schools, are expected to remain unaffected during this transition.

This development is part of Mayor Brandon Johnson’s initiative to support the adaptive reuse of four key projects in the Loop, collectively valued at over $528 million. These projects aim to create an estimated 1,000 new apartments – with more than 300 designated as affordable units – from underutilized office spaces in the historic financial district.

The building at 79 West Monroe, originally completed in 1906 and known as the Rector Building, will also see the restoration of its iconic weather prediction clock (left) and may earn landmark status, adding to its historical significance. Google Street View

TIF assistance for the project was previously endorsed by Chicago’s Community Development Commission earlier this year, underscoring the city’s commitment to evolving its urban landscape.

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