TIF Funding Approved for $130 Million Loop Residential Conversion

TIF Funding Approved for $130 Million Loop Residential Conversion

Gollub and Co.'s planned 349-unit residential conversion project at 30 N. LaSalle St. in the Loop will be supported by up to $57 million in Tax Increment Financing (TIF) approved by City Council today.

The $130 million project will repurpose approximately 371,000 square feet of underutilized office space as studio, one- and two-bedroom residences. Thirty percent of the residences - 105 units - are planned as affordable for households earning an average of 60% of the area median income.

The 44-story, 986,000-square-foot building was completed in 1974. As of mid-2025, more than half of its leasable space was vacant.

30 N. LaSalle is one of six adaptive reuse projects within DPD's LaSalle Revitalization Initiative. Collectively, the projects represent more than $900 million in investment involving more than 2 million square feet of converted space and 1,765 units of mixedincome housing.

Earlier this month, 30 N. LaSalle received a final landmark recommendation from the Commission on Chicago Landmarks due to the significance of its architect Thomas Stanley, its International style architecture, and its association with the historic Chicago Stock Exchange, which it replaced.

The Landmarks Commission also approved a Class L property tax incentive to offset improvement costs for 30 N. LaSalle's remaining office floors, pending finalization of the proposed landmark designation by City Council.