CDC approves $40 million in TIF funding for 111 W. Monroe

The Community Development Commission has approved $40 million in TIF funding for the adaptive reuse of 111 W. Monroe. Planned by Prime/Capri Interest, LLC, made up of The Prime Group and Capri Investment Group, the developers acquired the building from BMO in the summer of 2022. Consisting of three adjoining structures, the proposal will rehab two of them, with the third structure which sits along S. LaSalle St set to hold the state workers moved from the Thompson Center, another development from The Prime Group.

With Stantec on board for the design, the building will be converted into a mixed-use building, set to include 345 apartments, 226 hotel keys, and meeting/event space on the second floor. The roof level will be reactivated by reopening the original Monroe Club as an amenity for residents and hotel guests. The former mechanical penthouse will become a restaurant, with the outdoor deck including a pool. 

The estimated $202.8 million project focuses on the residential conversion scope of the project. The 345 apartments will be spread across floors 13 through 20, with a large light well cut out of the center of the building to allow for natural light to reach the new apartments. At the middle of the building, two floors will be turned into a world-class spa and fitness center with an indoor pool, golf simulator, and fitness center. 

The proposed unit mix would include 130 studios, 170 one-beds, and 45 two-beds. Of those, 40 studios, 50 one-beds, and five two-beds would be set aside as affordable ranging from 40-80% AMI. 

Set to cost approximately $202.8 million, the residential conversion would be funded with $31.5 million in developer equity, $87.3 million in loans, $40 million in TIF funding, a $9 million deferred developer fee, and $35 million in tax credit equity.

As the project proceeds through the approval process, securing approval from the Community Development Commission will allow for the developers to continue the underwriting process and draft a redevelopment agreement with the city to receive the TIF funding. A final approval will be needed from the City Council. If approved, the developers plan to start construction in January 2025 and wrap up work by January 2027.