Regions Midwest | Chicago
Chicago Development Officials Green-Light Increased Subsidy for Loop Project
May 14, 2008
Source: Crain's Chicago Business

Chicago development officials have given their approval to an increased subsidy for a Michigan developer who wants to convert a landmark Loop office building into apartments. On Tuesday, the Chicago Community Development Commission voted for $20 million in tax-increment financing for the project spearheaded by Village Green Cos. -- an amount $12 million higher than originally intended.

Based in Farmington Hills, Mich., Village Green is seeking to redevelop the 45-story office tower at 188 Randolph St.  into 313 apartments, 20 percent of which will be affordable housing. The building was originally constructed in 1930 and has recently fallen into a dilapidated state, according to Crain's Chicago Business.

 
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