TIF Support Approved for Residential Conversion of Loop Office Space

The City of Chicago has recently approved $28 million in Tax Increment Financing (TIF) to support the conversion of office space into residential units in the Loop, a significant move for urban redevelopment. This initiative will transform seven floors of a high-rise located at 79 W. Monroe St. into 117 mixed-income residential units. Led by Brown Derby LLC, the $64.

2 million project will ensure that 35% of the 41 units are affordable for households earning an average of 60% of the area median income. The decision comes in response to the growing trend of repurposing office spaces into residential living, a strategy aimed at addressing the increasing housing demand in urban centers. The financial backing from the city is intended to enhance the viability of such developments and tackle local housing shortages. By providing tax increment financing, the city hopes to encourage more projects that align with its affordable housing objectives. This project not only supports the city's economic growth but also promotes a more inclusive community by expanding housing options for diverse income levels.

The approval signifies a proactive approach to urban planning, reflecting the city's commitment to enhancing living conditions for its residents.