Developers pitch $1.2 billion of LaSalle Street residential conversions

The deadline for submissions passed late last month. City planning officials will now evaluate the proposals and put them through a “community engagement process,” with decisions on which projects will win city subsidies potentially coming this spring, according to a planning department spokesman.

Two proposals were submitted by Chicago developer Mike Reschke, who is betting heavily on a post-COVID Loop renaissance. He struck a deal last year to overhaul the James R. Thompson Center for Google and sell the building to the tech giant, which is expected to put thousands of its employees in the building when the project is completed in a few years.

Reschke is leading a venture planning a $180 million project to convert the upper portion of the former BMO Harris Bank office building at 111 W. Monroe St. into 349 apartments and a hotel on the lower floors. Nearby, Reschke aims to turn office space above the distressed JW Marriott Chicago hotel into 280 apartments, a $130 million project. A Reschke-led venture owns the five-floor block of offices, though his lender filed a $50 million foreclosure lawsuit against his firm in 2021 alleging it defaulted on its loan. The lawsuit is still pending.

Here is the full list of submissions, according to the planning department:

  • 30 N. LaSalle St.: A venture of Chicago developer Golub and American General Life Insurance plans 432 units (130 of them affordable) in the 43-story office tower, as well as ground -loor retail and green space and seating along Washington Street and LaSalle Street. The total cost of the project is estimated at $186 million. The proposal comes just weeks after American General Life Insurance (an AIG subsidiary) filed a $186 million foreclosure suit against the building’s owner, New York-based AmTrust Realty.
  • 208 S. LaSalle St. (2 submissions): An affiliate of Reschke’s Prime Group plans the $130 million, 280-unit conversion with 84 affordable apartments; and a┬áventure that includes Chicago-based Sims Properties Development & Management proposed a $50.2 million conversion of a portion of the building with 102 units, 30 of which would be affordable.
  • 135 S. LaSalle St.: Riverside Investment & Development would partner with the distressed property’s owner, AmTrust Realty, on the 430-unit project with 129 affordable units. Additional improvements would include up to 80,000 square feet of new lobbies, retail, food and beverage, event and cultural space and a potential fresh-market grocer. The project’s estimated cost is $258 million. AmTrust was negotiating a deal last year to surrender the 1.3 million-square-foot office tower to its lender rather than face a likely lawsuit over a loan default, a move known as a deed-in-lieu of foreclosure.
  • 400 S. LaSalle St.: Chicago real estate firm Urban Resolve proposed to turn the six-story former Cboe Global Markets headquarters building into a “scholastic [e-sports] venue” that includes “226 beds for student housing,” according to the planning department. The project would cost an estimated $104 million and include a ground-floor food court, a student mental health and wellness center and a fitness center.


Leave a Reply

Your email address will not be published. Required fields are marked *

Next post 7 Beauty Business Ideas for 2022