Twelve floors of the historic Harris Trust and Savings Bank building at 111 W. Monroe St. would 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 proposed to City Council today by Mayor Brandon Johnson.

The $179.2 million Prime Group and Capri Interests LLC project would repurpose approximately 315,000 square feet of upper-floor commercial space for the new residences, including 104 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 1911, the Classical Revival-style building is listed on the National Register of Historic Places.