Twelve floors of the historic Harris Trust and Savings Bank building at 111 W. Monroe St. will be converted from office space to 345 mixed-income residential units through up to $40 million in Tax Increment Financing (TIF) assistance and other incentives approved by City Council today.

The $179.2 million Prime Group and Capri Interests LLC project will repurpose approximately 315,000 square feet of upper-floor commercial space for the new residences, including 104 units that will be made available to households earning an average of 60% of the area median income.

TIF support will be provided from the LaSalle/Central TIF district. Additional City support includes 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 1911, the Classical Revival-style building is listed on the National Register of Historic Places.

In March, the Commission on Chicago Landmarks recommended the building’s designation as an official City landmark. Anticipated to be introduced to City Council this spring, the designation would align with the building’s adaptive re-use.