Leaving her mark on a downtown redevelopment effort in the final weeks of her administration, Mayor Lori Lightfoot is naming three plans for mixed-income housing as eligible for city subsidies.
which invited developers to submit proposals for reducing vacancies in office and retail space in what was Chicago’s nerve center for finance. Developers have a big incentive to play along: the city is dangling millions of dollars in tax increment financing as potential subsidies.
The three winning developments have made public TIF requests totaling $188 million, but how much they get will be negotiated along with other details. Work could start in 2024. But the projects are expensive, involve redesigning whole floors and come along as banks are growing nervous about commercial real estate. Some experts believe values will decline as offices shrink from the work-from-home trend. And the federal rescue of Silicon Valley Bank has made other lenders look at the risk in what they own.
The three winners were drawn from six short-listed responses to the city’s call late last year for LaSalle. The city’s Department of Planning and Development scrutinized the entries.
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