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Plans to transform a number of vacant office buildings in Chicago’s downtown into mixed-use residential and office towers have been revealed by the city.

The initiative, called LaSalle Street Reimagined, would convert nearly 2.3 million square feet (213,676 square metres) of vacant office buildings into residences and retail in the centre of Chicago, an area known as The Loop. The plan incentivises developers to make the conversions and locally owned businesses through grants to inhabit vacant storefronts, building lobbies and former banking floors – while incorporating housing into the towers above. Revitalising “monoculture of offices” According to the city, at least 30 per cent of each proposed residential conversion will be dedicated to affordable housing – approximately 600 homes. The city defines affordable housing as residences affordable to “residents earning an average 60 per cent of the area median income”. “Based on multiple studies and reports, LaSalle’s future can be maximized

The estimated expenses for every conversion, encompassing the renovation of office floors into residential spaces, vary from $50 million to $300 million.

The city has made innovation, improvements to the public domain, neighborly amenities, and the sustainability of historic buildings its top priorities in addition to affordable housing.

Mayor Lori Lightfoot started the LaSalle Street Remimanged project in 2022, but it was put on hold when the current mayor, Brandon Johnson, assumed office.