Developers celebrate groundbreaking for 79 W. Monroe

Mayor Brandon Johnson, Alderman Bill Conway and city officials joined Lagfin, R2 Companies, and community leaders to break ground on 79 W. Monroe, a landmark development that will set a precedent as Chicago’s first office-to-residential conversion. The project is spearheaded by Lagfin and Chicago-based developer R2. Lagfin, as the holding company of Campari, has made significant investments in Chicago-based projects — their largest stake in any North American city.

“Chicago has a long history of pioneering innovative architecture projects, and we have repeatedly demonstrated our ability to overcome challenges by reimagining our city for the future. The transformation of 79 West Monroe joins a legacy of projects across the city that honor our history while securing our bright future,” said Mayor Brandon Johnson. “I am thrilled to take this bold step to build better together toward a Loop community that is more inclusive and vibrant, with greater access to affordable housing and the opportunity for all residents to thrive.”

Designed by Ware Malcomb, the innovative project will transform the historic Rector Building, the oldest surviving commercial high-rise designed by renowned architect Jarvis Hunt, into a dynamic residential space, addressing the growing demand for housing in the Loop. The development team is committed to preserving the building’s historic architecture while upgrading to modern, energy-efficient systems and amenities.

The renovation will add 117 new apartments to the Loop, offering a mix of market-rate and affordable housing. Notably, 79 W. Monroe will set a new standard for affordability in the LaSalle Street corridor, with 35% of its units (41 out of 117) designated as affordable housing. 

“An investment in downtown is an investment in Chicago’s future. I’m thrilled to support this project at 79 W. Monroe that will strengthen the Loop — not just as a place to work, but to live, eat and visit as well,” said 34th Ward Alderman Bill Conway. “Adding affordable housing in the heart of our city is a critical step in reimagining the central business district, one that will have a positive impact across Chicago.”

"Chicago is a world-class city with a unique blend of history, innovation and economic strength,” said Massimiliano Seliziato, Lagfin S.C.A. Director. “As cities around the world adapt to new ways of living and working, Lagfin and R2 Companies are proud to celebrate the groundbreaking of 79 West Monroe, which not only revitalizes a historic landmark but also sets a model for sustainable, mixed-use communities. We’re very grateful to play a role in this historic day as we celebrate the City and Mayor's commitment to bringing this vision to life.”

As a joint venture between Leopardo Construction and GMA Construction Group, a minority-owned general contractor, the project will create at least 75 construction jobs. With work commencing, the project is expected to be completed by Q2 2026.