LaSalle Street is the historic heart of Chicago’s central business district. Lined with high-rises between Wacker Drive and Jackson Boulevard, the corridor has been a center of commercial and economic activity for decades, especially for financial institutions, brokerage companies, legal firms, and other entities. More recently, LaSalle has experienced significant office and retail vacancy rates exacerbated by the COVID-19 pandemic and ongoing market trends that have shifted most new office investment to the West Loop, leaving millions of square feet of underutilized office space along the corridor.

The LaSalle St. Re-imagined team includes Celadon Partners, a Chicago-based, experienced affordable housing developer, and The Blackwood Group, a Latinoowned and -led general contractor and developer from Chicago. The team will develop 247 apartments which will include studios, one, two-and three-bedroom units with 75% affordability. Additional improvements include a tenant fitness room, roof deck, public food market, and coffee shop. Collectively representing approximately $170 million in total investments, the project will repurpose nearly approximately over 300,000 square feet of vacant space.