City Council approves $98 million in TIF for 135 S. LaSalle

The Chicago City Council has approved $98 million in TIF funding for the residential conversion of The Field Building at 135 S. LaSalle. Originally proposed by Riverside Investment and Development and AmTrustRE, local developer DL3 Realty has been added to the development team. 

135 S. LaSalle, known as the Field building, is a 44-story Art-Deco style building that was designed by Graham, Anderson, Probst, and White and was completed in 1934 and designated as a Chicago Landmark in 1994. The 1.35 million square foot building has large floor plates and has over 1.125 million square feet of vacancy (83%) mostly due to Bank of America’s headquarters relocating to 110 N. Wacker.

Designed by Solomon Cordwell Buenz, the new scope of the adaptive reuse will convert 624,000 square feet of space in the building into 386 residential units and 92,000 square feet of commercial space.

On lower level one, the ground level, and level two, the project will feature 92,000 square feet dedicated to commercial space which is intended to include neighborhood amenities such as a small format grocer, health/fitness center, medical office, and complementary uses. Levels three and four will be converted into an approximate 100,000 square feet parking garage with 177 parking spaces.

Located on Floors 5-14, the residential component of the project consists of 430,050 square feet. The floors will be converted into 386 residential units, of which 116 (30%) will be affordable to households with an average income of under 60% of the AMI. The unit mix is expected to include 228 studios, 106 one-beds, 52 two-beds. The residential units will also have access to both indoor and outdoor amenity space on floors five, 25, 43, and 44.  

The $241.5 million development will be funded by an $86 million private loan, $24.3 million in general partner equity, $98 million in TIF funding, and $33.3 million in Historic Tax Credit Equity.

With City Council approval secured, the project’s funding stack is fully approved, and the project can move forward with permitting and construction. Construction is expected to begin in Q1 2026 and wrap up in Q2 or Q3 2027.