Interior demo permit issued for 111 W. Monroe

An interior demolition permit has been issued for the adaptive reuse of the Harris Trust & Savings Bank at 111 W. Monroe. Planned by Prime/Capri Interest, LLC, made up of The Prime Group and Capri Investment Group, the building is located at the southwest corner of the intersection of Clark and Monroe streets. The building consists of a traditional Classical Revival skyscraper built in 1911 and an East Tower addition from 1960 designed in the modern idiom. 

Designed by Stantec, the office building will be converted into a mixed-use structure, 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. 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 rehab, 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. 

The developers are using a variety of sources to fund the project, including a Class L tax incentive that would provide a tax abatement of $19.4 million over 12 years, $40 million in TIF, LIHTC equity, Historic Tax Credits, and other sources. 

With the interior demolition permit issued, contractor Break Thru Enterprises Inc can begin clearing out the interior of the building in preparation for the buildout of the new hotel rooms and apartments. An official timeline for completion has not been announced.