Landmark Designation, Tax Incentive Proposed for 30 North LaSalle

A landmark designation proposed to City Council today for the 52-year-old 30 N. LaSalle St. building in the Loop would protect its unique presence downtown while supporting $132.4 million in planned commercial improvements.

The landmark designation would recognize the 44-story building's accomplished architect, Thomas Staley; its rare New Formalism design; and its link with the former Chicago Stock Exchange building, which it replaced. Recommended by the Landmarks Commission in January, the designation would protect the building's exterior from significant alteration or demolition.

Concurrently with the landmark designation, a Cook County Class L property tax incentive proposed to City Council would support Gollub and Co.'s planned improvements involving approximately 630,000 square feet of commercial space. The work includes building system upgrades, window replacements, elevator improvements, rooftop work, lobby upgrades, and retail space enhancements.

The incentive would provide an estimated $47 million in savings over its 12-year term. Over the period, the building is expected to generate more than $6 million in additional tax payments than it would if the rehabilitation work did not occur.

In January, City Council approved up to $57 million in TIF support for Gollub and Co.'s $130 million conversion of approximately 19 floors in the building as 349 apartments, 30% of which would be rented at affordable levels.

30 N. LaSalle is one of six adaptive reuse projects advanced through 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 mixed-income housing.