Developer seeks new path for conversion at 30 N. LaSalle

With the future of the LaSalle Street Reimagined initiative in question, developers Golub & Company and Corebridge Financial have submitted a zoning application that would allow them to move forward with the adaptive reuse without city funding or an affordable housing requirement.

Located at 30 N. LaSalle, the 44-story tower was originally built in 1974 and is only 46% leased with a contiguous 12 vacant floors in the bottom of the tower ready for reuse. While the top 20 floors would remain as office space, the lower set of floors would be converted into 349 apartments. The existing office lobby, Amalgamated Bank retail space, and Starbucks retail space would remain in their current locations, while Einstein Bagels will move to the west side of the Washington St frontage to make space for a new residential lobby. Residents would have access to 100 bike parking spaces and a dog run on the ground floor, as well as coworking space and a party room on the second floor. 

Designed by Solomon Cordwell Buenz, the exterior of the building would be largely the same, except for the installation of new windows at the residential units. At the 11th floor, residents would benefit from a new projecting terrace that features a host of indoor/outdoor amenity spaces. The projecting terrace would be complemented with a resident lounge, party room, and fitness center on the interior of the 11th floor. Planning to expand and improve the streetscape, landscape architects Confluence have been tapped for a full redesign of the streetscape around the building.

The developers had been asking for $62 million in TIF through the LaSalle Street Reimagined initiative to help pay for the estimated $143 million conversion in exchange for providing 30% of the units as affordable. By rezoning the building from its Planned Development to DC-16, the conversion could happen by-right, or without another zoning change, providing a second path to fruition for the project as Mayor Johnson leaves the series of proposals along LaSalle Street in limbo, awaiting news of whether the funding initiative will move forward or not. This option of doing the project by-right would also mean that the new apartments would not have to comply with the affordable housing requirements that apply to developments that seek a Planned Development designation or rezoning.

A timeline for the rezoning and potential construction is unclear, but the developers touted the ability for a quick turnaround when proposed under the LaSalle Street Reimagined program, citing a potential December 2023 start and early 2025 completion, indicating just over a year for construction.