City Council approves city funding for 111 W. Monroe

The Chicago City Council has approved city funding including $40 million in TIF for the adaptive reuse and conversion 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. 

Twelve floors of the historic building will be converted from office space to 345 mixed-income residential units supported by this round of city funding. Measuring 315,000 square feet, the commercial space converted into new residences will include 104 units that will be made available to households earning an average of 60% of the area median income.

As part of the redevelopment, the building’s facade will be cleaned, repaired, and restored and a large light well will be carved into the back of the building to provide light and air down to interior facing spaces. 

With City Council support secured, the $179.2 million project is being supported with $40 million in Tax Increment Financing (TIF) assistance as well as Low-Income Housing Tax Credits and Historic Tax Credits. The developers are also in the process of securing a Class L tax incentive for the project. 

Construction is anticipated to begin sometime in 2025 and wrap up work in early 2027.