Downtown Chicago saw a milestone on Wednesday as the first apartment conversion under the city’s LaSalle Street Reimagined program opened its doors. The Bellwether, located in the historic 1905 Rector Building at 79 W. Monroe St., marks the initial completion of a plan launched in 2022 to turn vacant office space along LaSalle Street into livable housing.
City backing and financing
The project received $28 million in tax‑increment financing (TIF) from the city, part of a $64 million conversion budget. Mayor Brandon Johnson, who continued the initiative after former Mayor Lori Lightfoot, praised the development at a grand‑opening ceremony, saying, “I’m certainly thrilled that the first‑ever office‑to‑housing conversion project is happening right here in Downtown Chicago.”
Unit mix and affordability
The Bellwether spans seven floors and offers 117 apartments. The mix includes studios, one‑bedroom units, and seven two‑bedroom units. Forty‑one of the apartments are set aside as affordable housing, aligning with the broader goal of providing 30 percent affordable units across the LaSalle Street Reimagined projects.
As of the opening, 25 residents have moved into market‑rate units, while applications are being processed for the remaining affordable units. Market‑rate rents start at $1,664 for a studio, $2,384 for a one‑bedroom, and $4,887 for a two‑bedroom.
Amenities and historic setting
Residents will enjoy a tenant lounge, fitness center, outdoor terrace, bike storage, and a dog run. The Rector Building, designed by architect Jarvis Hunt, is the oldest surviving commercial high‑rise in Chicago, adding historic character to the modern residential conversion.
Broader impact and future projects
The Bellwether is the first of six planned LaSalle Street Reimagined conversions, which together aim to create more than 1,700 apartments. Department of Housing Commissioner Lissette Castañeda noted that an additional 24 residential conversions are underway in the Loop, separate from the TIF‑funded projects.
City officials, including Alderman Bill Conway (34th Ward), argue that the traditional office‑centric model of the central business district no longer serves Chicago’s needs. Conway said, “To keep Downtown Chicago vibrant, we can transform it into a true mixed‑use neighborhood, a place where people work, live, eat, shop, and raise families.”
The initiative dovetails with the upcoming 2027 completion of the Thompson Center, a new Google office that is expected to draw thousands of workers to the area. Real‑estate experts anticipate that the combination of the Thompson Center and the LaSalle Street conversions will spur an economic boost in the once‑struggling financial district, a phenomenon sometimes dubbed the “Google effect.”
Next phases
Other LaSalle Street Reimagined sites are located at 135 S. LaSalle St., 111 W. Monroe St., 208 S. LaSalle St., 105 W. Adams St., and 30 N. LaSalle St. While each project is at a different development stage, officials project that once completed, affordable housing units in the corridor will increase by roughly 1,000 percent compared with current availability.
Mayor Johnson’s administration views the Bellwether opening as a tangible step toward a more inclusive, family‑friendly downtown, reinforcing the city’s commitment to affordable housing and mixed‑use development.
Original reporting: Block Club Chicago — read the source article.
