TIF Funding Will Support $241.6 Million Field Building Conversion

TIF Funding Will Support $241.6 Million Field Building Conversion

Field Building Revitalization Partners LLC's planned 386-unit residential conversion of the Field Building in the Loop was approved for $98 million in Tax Increment Financing (TIF) support by City Council today.

The $241.6 million project at 135 S. LaSalle St. will repurpose approximately 485,000 square feet of underutilized commercial space as studio, one- and two-bedroom apartments. Thirty percent of the residences -116 units - are planned as affordable for households earning an average of 60% of the area median income.

Plans also include 92,000 square feet of ground- and lower-level commercial space upgrades for as a grocer, health center and medical office.

City assistance will be provided through the LaSalle Central TIF district.

Completed in 1934, the Field Building was designated as a Chicago landmark in 1994. The distinctive Art Deco high-rise was built by the estate of Marshall Field. A portion of the upper floors will retain commercial uses.

The project is one of six adaptive reuse proposals advanced for City support as part of the Loop Revitalization Initiative. Collectively, the planned office conversions represent more than $900 million in total investments and 1,765 units of mixed-income housing.