Five floors of the landmark Continental and Commercial building at 208 S. LaSalle St. would be converted from office space to 168 mixed-income residential units through up to $26 million in Tax Increment Financing (TIF) assistance and other incentives proposed to City Council today by Mayor Brandon Johnson.

The $100 million Prime Group project would repurpose approximately 80,640 square feet of upper floor commercial space for the new residences, including 51 units that would be made available to households earning an average of 60% of the area median income.

The proposed TIF support would be provided from the LaSalle/Central TIF district. Additional City support would include Low-Income Housing Tax Credits and Historic Tax Credits.

The project is one of five selected responses to a Chicago Department of Planning and Development and Department of Housing invitation for proposals to repurpose underutilized LaSalle corridor high-rises with residential uses that are at least 30% affordable.

Completed in 1914, the Classical-Revival-style building was designated as a City landmark in 2007.