Chicago Mayor Lori LIghtfoot is expected to outline a proposal for LaSalle Street downtown to include affordable housing.
LaSalle Street is Chicago's historic central business district but since the pandemic, it has experienced significant office and retail vacancy rates.In a new proposal, called "LaSalle Street Reimagined," the area on LaSalle from Wacker to Jackson could soon get a makeover.According to a new proposal, city officials say LaSalle Street's future can be maximized with a mix of uses and activities, including afforable housing, businesses and more.
The documents say 25 percent or close to 5 million square feet of the LaSalle Street corridor office space is vacant, so the city worked with industry experts and used public feedback to create this initiative. If property owners agree to the city's proposed plan, there are financial incentives including tax credits.
Mayor Lightfoot will join the commissioners from the departments of planning and development, housing and transportation and cultural affairs along with others at a press conference Monday afternoon to detail the future of LaSalle Street.
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