Landmark Designation, Tax Incentive Approved for 30 North LaSalle

Landmark Designation, Tax Incentive Approved for 30 North LaSalle

The 52-year-old building at 30 N. LaSalle St. in the Loop was officially designated as a Chicago landmark today by City Council, protecting the property's presence downtown and supporting $132.4 million in planned commercial improvements.

The landmark designation recognizes the 44-story building's accomplished architect, Thomas Stanley, its rare New Formalism design and its link with the former Chicago Stock Exchange building, which it replaced. Recommended by the Commission on Chicago Landmarks in January, the designation protects the building's exterior from significant alteration or demolition.

Concurrently with the landmark designation, a Cook County Class L property tax incentive approved by City Council will support planned improvements involving approximately 630,000 square feet of commercial space. Led by Gollub and Co., the work includes building system upgrades, window replacements, elevator improvements, rooftop work, lobby upgrades and retail space enhancements.

The incentive will provide an estimated $47 million in savings over its 12-year term. Over the period, the building is expected to generate more than $6 million in additional tax payments than it would if the rehabilitation work did not occur.

In January, City Council approved up to $57 million in TIF support for Gollub and Co.'s $130 million conversion of approximately 19 floors in the building as 349 apartments, 30% of which will be rented at affordable levels.

30 N. LaSalle is one of six adaptive reuse projects advanced through DPD's LaSalle Revitalization Initiative. Collectively, the projects represent more than $900 million in investment involving more than 2 million square feet of converted space and 1,765 units of mixed-income housing.