City commission approves $67 million in TIF funds for massive Central Loop renovation

The largest project envisioned so far for the LaSalle Street Reimagined program took a step closer to reality Tuesday when the Community Development Commission recommended that City Council approve it.

Council approval would unlock $67 million in tax increment financing funds for redevelopment of the historic Clark Adams Building, a 41-story tower at 105 W. Adams St. just east of LaSalle Street in the Central Loop. The funds will help its development team transform dozens of vacant floors into hundreds of new apartments, including 121 reserved as affordable.

The LaSalle Reimagined project was launched by former Mayor Lori Lightfoot and is now a top priority of Mayor Brandon Johnson. The program aims to transform aging LaSalle Street office buildings into a new Loop neighborhood, eventually with more than 1,000 residences, shops, restaurants and other amenities.

Historic preservationists have cheered efforts to save the nearly 100-year-old Clark Adams building, which like many Central Loop office buildings suffered from a high vacancy rate as tenants moved into more modern towers in the West Loop and Fulton Market.

“We consider the adaptive reuse of the historic buildings into residential housing and residential affordable housing to be a best practice,” Preservation Chicago said in a statement. “Additionally, we’d encourage decision-makers to pursue Chicago Landmark Designation for this significant Art Deco skyscraper.”

A development team led by Chicago-based Primera Group, a minority-owned development and consulting company, purchased 105 W. Adams St. late last year after a previous plan by other developers fell through.

The company’s $183 million redevelopment effort will add 400 residences on floors 11 through 40, including a mix of studios, and one- and two-bedroom units. The team plans to replace the old windows, clean the three street-facing facades and possibly repoint and replace some of the historic terra cotta material. Amenities will be added to the 24th floor, and the restored building may also include walk-out terraces and other green spaces on the 23rd.

In addition to the tax increment financing, the developers plan to raise more than $23 million through historic tax credits, with the rest coming from a mix of loans and private investment.

The developers said they could begin construction by January 2026, assuming the project receives City Council approval, and complete it by June 2027.