City Council approves $57 million in TIF for 30 N. LaSalle

The Chicago City Council has approved $57 million in TIF funding for the redevelopment of 30 N. LaSalle. The 44-story office tower, completed in 1974, was originally designed by Dallas based architect Thomas E. Stanley II. Chicago-based developer Golub & Company is leading the redevelopment of the office building.

The adaptive reuse of the building will convert floors two through eighteen into 349 apartments with office space planned for the upper floors. The 349 apartments will be made up of 222 studios, 98 one-beds, and 29 two-beds. Thirty percent of the units, totaling 105 units, are planned to be set aside as affordable for households making an average of 60% AMI.

Designed by SCB, the proposed project will include a full reglazing of the exterior as well as the replacement of the existing ground floor storefronts with ones referencing the original inset glazing that included an arcade. 

On the 11th floor, residents will have access to a new projecting terrace that will feature a variety of seating areas and fire pits.  The interior of the 11th floor will have a resident lounge, party room, fitness center, and locker rooms. 

The $135 million project will be funded by $25.5 million in equity, $51 million in loans, a $1.5 million deferred developer fee, and the now approved $57 million in TIF funding.

With TIF funding approval secured from the City Council, the developer has one piece of funding secured for the project. The project recently received approval from the Commission on Chicago Landmarks for its Class L application which is pending City Council approval. As the developer continues to work on finalizing the funding stack, a timeline for construction has not been announced.