CHICAGO — The Chicago City Council has approved plans for an adaptive reuse project at 135 S. LaSalle St. in the city’s central business district (CBD). A joint venture between Riverside Investment & Development, AmTrustRE and DL3 Realty is developing the project, which has a total budget of $241.5 million. Financing for the development includes $98 million in city subsidies and historic tax credits.
Scheduled to begin construction in spring 2026, the project will convert 624,000 square feet of vacant office space within the 1.4 million-square-foot Field Building to modern residential units and commercial space. Upon completion, the development will feature 430,050 square feet of residential space across 386 units, as well as 92,000 square feet of commercial space. Residences will include a mix of studio, one- and two-bedroom apartments.
Commercial space at the property will house food-and-beverage offerings, a small-format grocer, health and fitness club and other amenities.
“The Field Building redevelopment will bring much-needed housing and amenities to workers, visitors and a growing residential base in the city. By modernizing this landmark, the project will help reposition the Loop to attract leading corporations and top talent while bolstering Chicago’s reputation as a thriving economic and cultural destination,” says John O’Donnell, CEO of Chicago-based Riverside.
Originally opened in 1934 and designed by Graham, Anderson, Probst & White, the Field Building was designated a Chicago Landmark in 1994. Most recently, the property served as Bank of America’s Midwest headquarters.
SCB is serving as the project architect. Completion of the redevelopment is scheduled for summer 2027.
— Hayden Spiess