Marisa Novara, the commissioner of Chicago's Department of Housing, said that the LaSalle Reimagined Initiative hopes to create nearly 600 affordable-housing units. The units - anticipated to take up 1.6 million square feet of space - are intended for tenants earning an average of 60% of the area's median income. Three adaptive reuse proposals were selected for the LaSalle Reimagined Initiative, Chicago's ambitious plan to repurpose a portion of LaSalle Street's 5 million square feet of vacant commercial space into mixed-income housing. Each proposal includes a request for funding from the city to help subsidize the projects. The LaSalle Reimagined Initiative: A new housing development
It's hoping to fill the vacancy void with hundreds of affordable-housing units and millions of dollars in new investment.
Chicago's downtown office space posted a 22.4% vacancy rate in the first quarter of 2023, which poses the question: What does the city do with all that vacant commercial office space?Ĭhicago's city government is attempting to answer that question with adaptive reuse projects now underway. Cities across the US are now dealing with the ramifications of that workplace upheaval, despite many companies' attempts to get their employees back into the office.Īs a result, downtown crowds eating, drinking, and shopping are a fraction of what they once were. Physical offices and gathering places closed while remote work soared.
The activity and vibrancy of Chicago's downtown area, once the heart of the city's economy, shifted dramatically in the wake of the pandemic. Account icon An icon in the shape of a person's head and shoulders.
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