Economy
Chicago to Go Ahead With Plan to Revamp Empty Downtown Towers
- Mayor Johnson to announce plans for LaSalle Street by summer
- Some Chicago office buildings selling at discounts of over 50%
Chicago Mayor Brandon Johnson is proceeding with a revamp of empty downtown buildings initially estimated at $1 billion in an effort to counter a commercial real estate crisis that’s cut sale prices by more than 50%.
The city, run by a progressive Democrat who’s been in power for less than a year, has been working with developers to refine plans to repurpose buildings along and near LaSalle Street, once known as the Wall Street of Chicago, according to the city’s Chief Financial Officer Jill Jaworski. An announcement is expected by the summer after high interest rates delayed the project, she said.