Chicago Politics

79 W. Monroe Groundbreaking 3.27.25

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Description

Mayor Brandon Johnson attends the 79 W. Monroe Groundbreaking and Build Better Together Launch.

Transcript

0:51 If everybody can please take their seats, the program will begin shortly.

1:27 Good morning and welcome. Good morning. Good morning. Thank you for being here, and we'll go ahead and begin the program with an opening from Alderman Bill Conway. Please, keep your seats, please. Good morning, everyone. Good morning. For those of you who don't know me, I am Alderman Bill Conway of the 34th Ward, which I am proud that 79 West Monroe is in. This is a very important project for the city of Chicago and really represents the first step of the loop revitalization plan

1:59 as we bring this city back from a global pandemic here. So I do want to make sure to say some thank yous. I first of all want to thank Mayor Johnson for pushing these projects forward for our great city. And I want to thank all the city departments, certainly the Department of Planning and Development, the Department of Housing as well for this great project. And this work that we do downtown will radiate all over this city and bring jobs and housing when it's needed most.

2:29 So now not only do I have the pleasure of introducing Mayor Johnson, I also have the pleasure of wishing him a happy 49th birthday. So, Mr. Mayor, please. You know, it's a fine line between celebration and everybody knowing your business. But as I mentioned to the alderman, he said, do you want me to let people know how old you are?

3:01 I said, they know everything else about me. Keeping my birth date and my year away from folks certainly won't be the least of the exposure. But today is not just a day of a national holiday, my birthday. Most importantly, it's the day that will mark the continuous transformation and growth of our beloved city. I do want to thank Alderman Conway for not just that introduction, but his commitment to the city of Chicago.

3:35 You know, this is an exciting announcement, and I'm very proud and humbled that we are collectively here today to ensure the people of Chicago, that our status as a global city, has not been lost. But I do want to thank some additional people, our Chief Design and Development Officer of R2 Development, and our host today, Gary Stoltz. Let's give him a round of applause, please.

4:07 We also have Lagfin SCA director. You're going to hear from him a little bit later, but Massimiliano Silesiano is also here today. Give him a round of applause. We have some incredible leaders that represent our 77 unique neighborhoods. Faismer Burnett, Alderman Moore, Alderman Mosley, and Alderman Greg Mitchell are all are here today.

4:37 Can you give them, please, a round of applause? Our commissioners, I'm grateful for both of them, Constaneda and Boatwright for their leadership. Today we are celebrating a critical milestone in the LaSalle Corridor Revitalization. We are breaking ground on a transformative office to residential conversion that will include 117 residential units, and 41 of them will be affordable units.

5:07 When completed, this development will include a full list of amenities, amenities that residents can enjoy, as well as community areas and retail spaces that will follow. And it will also revitalize the historic Rector Building, which is the oldest surviving commercial high-rise building designed by Chicago architect Jarvis Hunt, and is now amongst the largest concentration of mixed-income adaptive reuse projects in the entire country.

5:45 Record vacancy rates caused by the global pandemic led us to make real choices, critical choices on how the Loop's older properties can continue to serve needs and how underutilized commercial spaces can contribute to the Loop's post-pandemic renaissance. And while Chicago's downtown has continued to recover since the pandemic, there's still so much more work that we can do to ensure that all of our neighborhoods continue to grow through equitable economic development initiatives and more affordable housing opportunities.

6:28 To best ensure that we continue to see growth and development, we must prioritize equitable investment across our city, and that includes our downtown. And that is why today I'm proud that we are announcing our effort and our launch for Build Better Together. Build Better Together is a bold, comprehensive, and citywide economic development plan that invests in our neighborhoods, our businesses.

7:07 It expands access to quality, affordable housing, promotes innovation and job growth, and fosters neighborhood investments and more vibrant communities. We are a city made up of 77 vibrant, diverse, and culturally rich communities that have made Chicago truly the greatest city on the planet. Build Better Together focuses on leveraging the foundation that we have built through progress we have made in strengthening community safety, innovative tools like the Housing and Economic Development Bond,

7:38 the largest economic development bond in the history of Chicago, and the barrier-breaking efforts of efforts like Cut the Tape Initiative to move business much faster through the city of Chicago. We are, thank you, I must say that my chief operations officer has a little bias there. So that initial clap is that he is relieved that that assignment that I gave him, that no other mayor has ever asked a chief operations officer to do, he actually did it.

8:11 Y'all give it up for our chief operations officer, John Robertson. But in real time, though, we are delivering real tangible projects that will improve the lives of Chicagoans. Build Better Together includes projects like 79 West Monroe, where we are using TIFF creatively to provide affordable housing in our downtown communities, allowing Chicagoans to live and be able to work in the community in which they serve. 79 West Monroe also happened to be the last project that was added to the LaSalle Corridor Revitalization Initiative, but it's the first one to break ground.

8:50 A testament to our partners here today and our work with Cut the Red Tape Initiative and all of our city's departments. Build Better Together also includes critical projects in our neighborhoods, projects like Auburn-Gresham Apartments and affordable housing development that we'll be cutting the ribbon on this next week in coordination with Alderman David Moore and the Evergreen and Imagine Development team. Looking forward to coming to the 17th Ward for that incredible initiative. It also includes initiatives like the Missing Middle Housing, where we have started Phase 1, transforming 44 vacant lots in North Lawndale into owner-occupied homes.

9:33 And starting April 1st, we'll launch Phase 2 in three Southside neighborhoods, because I know everybody was asking, when are we bringing it to the Southside? But we're doing that, the phase two, April 1st, Chatham, Morgan Park, South Chicago, in close partnership with Alderman Hall, Mosley, and Alderman Mitchell. It includes Thrive Exchange, a comprehensive affordable housing. housing development project near the new quantum campus in partnership with Alderman Michu and the DL3 development team. The city of Chicago is truly open for business, and we're going to repopulate the city of Chicago with working people across all of our 77 neighborhoods.

10:10 And that includes the 1901 project, I got you Vice Mayor, where we are working, where Reinsdorf and Wirtz, who are investing billions of dollars in new residential and economic developments on the west side of the city of Chicago in coordination with Vice Mayor Burnett. If anybody believes that Chicago is dead, they are wrong. Look no further, but the Better Build Together operation is fully alive. Now, in closing, from the very beginning of my administration,

10:41 I made a commitment to build a better, stronger, a safer Chicago, a more inclusive economy that works for everyone. The investments and developments that we are describing today will ensure that Chicago continues to grow and thrive, and not just today, but for generations to come. And it is vital that these investments that are being made today, that we are doing them together in collaboration with city departments, with our business community, and community stakeholders. And it is because of these partnerships and bold development teams that we are able to come together today for this incredible groundbreaking.

11:17 Now, I'm excited to repeat this name one more time, and I've been practicing it all morning. So the key partner in this development is going to share more about the 79 Monroe Project that really embodies the Build Better Together vision that we have today. So please welcome Massimiliano Salesiato.

11:49 Thank you so much, Mayor Johnson, for that introduction, for your support for this project. Good morning, everyone. My name is Massimiliano Siliziotto, and I'm the director of LACF in SCA. I would like to begin by expressing my gratitude to our amazing partner of this project. Thank you to the city of Chicago for your hospitality. A very special thank you to Mayor Johnson, Hardeman Conway, Deputy Mayor Merritt, Commissioner Bothwright, and Commissioner Castaneda. for your leadership in helping to bring this project to life.

12:22 We are very excited to be part of an exciting chapter in Chicago history as we begin construction on a project that will reimagine an historic landmark while serving the needs of the city today. The Rector Building is the older surviving commercial I raised by Renewing Architect, and we are really committed to pursuing its unique character while modernizing its use, ensuring it remains an asset to downtown for the next generation to come. This project is more than just a conversion, it's a blueprint for the future of urban living.

12:55 By protecting Chicago Architects' total heritage, while embracing innovation, sustainability and inclusivity, we are proving what's possible to adaptive reuse. Chicago is one of the first cities in the country to prioritize converting underutilized office space into vibrant homes, generating affordable housing in mixed-use communities that would make the dream of living downtown a reality for more people. We are very proud of this project and the promise that it holds, and we are very excited to continue working with the city and our partner to explore more opportunities to revitalize and strengthen one of the most beautiful downtown you can find in the world.

13:38 Now, I'm very honored to introduce one of the leaders who is moving the vision for Chicago forward, Department of Planning and Development Commissioner, Sir Bothwright. Good morning, everyone. I'm thrilled to be a part of this historic moment for the Loop and the Rector Building. And it's wonderful to be with the people who made this $64 million project possible, especially Mayor Brandon Johnson, Alderman Conway, Massimiliano,

14:13 and everyone at the LACFEN, Campari, and R2 development teams, Commissioner Castaneda and our colleagues at DOH, and my staff at the Department of Planning and Development. When DPD and DOH launched the LaSalle Initiative, we were squarely focused on the future roles of historic office buildings just like this one, where the city could support contemporary uses that maximize their location at the nexus of the city's transit system,

14:47 the adaptability of their floor plates to mixed-income housing, and their historic character that makes the loop so unique. The Rector's Landmark designation earlier this month underscores its enduring presence downtown. It's a presence that precedes all of us, our parents and probably our parents' parents. So it's definitely a project worth celebrating as the vanguard of mixed income adaptive reuse in the central loop.

15:17 Today's groundbreaking rapidly advanced in part because of Mayor Johnson's cut-the-tape efforts. We are truly building better together due to a much broader effort to revitalize the heart of Chicago. In fact, city support for all the LaSalle projects are a result of many reports, planning studies, and evaluations that provide a roadmap for the loop's rebirth on behalf of the entire city of Chicago. From the public incentives to the public realm,

15:47 the city's efforts are seizing every opportunity to bring and keep people downtown. such as our LaSalle Vision Plan with CDOT that establishes design principles for future public realm improvements that will be essential for downtown livability, our updated sign district legislation that helps retailers, stores, and theaters attract and maintain customers, the transit station improvements coming to Lake Street that will further support our mobility, and the newly adopted business improvement district legislation that will bring another layer of resources for local property owners.

16:25 79 West Monroe is literally at the epicenter of it all, and the city's TIF assistance is going to resonate far and wide. You'll see the historic facade from across the rebuilt Chase Plaza, down the block from the new Google headquarters, below the restored weather bale on the corner, and within the new apartments that 171 households will now call home. In closing, I want to thank and congratulate the entire project team for its commitment to the building,

16:56 to the expanding Chicago portfolio, and to the people that will live, work, and go to school in this incredible landmark structure. And now, let's keep things moving along and invite DOH Commissioner Lissette Castaneda to say a few words. Thank you. Hello and good morning, everyone. Thank you all for joining us on this special day. I am incredibly proud to stand here alongside this remarkable team during this historic moment.

17:30 Equally, I am elated to celebrate the very first groundbreaking of our efforts to revitalize the loop. This initiative began a few years ago when the effects of COVID-19 took a toll on this area, leading to the decline of vibrancy and economic growth. This situation highlighted a dilemma many cities across this country are facing. Vacant financial districts, empty office spaces, and a lack of movement. But thanks to the diligent work across departments and community stakeholders, we will be one of the first cities to successfully convert unused office space into housing for our residents.

18:04 This will bring us a significant step closer to providing quality, affordable housing for all. Together, we are redefining the narrative. The Loop, widely known for its puzzling financial district and a popular tourist destination, will soon expand into a vibrant community where people of all income levels can gather, work, and raise families. We are also reshaping the narrative for the city of Chicago

18:37 by leading the charge with innovative solutions to adapt to our ever-changing environment and political landscape. Together with Mayor Brandon Johnson, Alderman Bill Conway, DPD, and our partners at R2 Development and Brown Derby LLC, we are bringing 117 units to the community, 35% of which will be affordable. With this redevelopment, along with future office-to-residential conversions, We are creating economic and growth opportunities in this historic corridor that it deserves.

19:10 The residential in this building will span floor 7 to 13. Tenant amenities will include a lounge, fitness center, and outdoor areas, as well as a small retail space and a bike room and a dog run on the lower-level floor. One of the 41 affordable units, 19 will be studios. There will be one-bedrooms, three-bedrooms, and three two-bedrooms. It's important to clarify what we mean by affordable as well. For comparison, a really nice, amenity-rich studio in the Loop typically rents for more than $2,000.

19:43 With our affordability in place, that same unit will be available to a family for around $1,000. And that can make a difference, a world of difference to Chicagoans with varying income levels. For DOH, affordability for our residents is at the cornerstone of every program, project, and initiative we pursue. In these times, with rising material costs, labor costs, and higher interest rates that are affecting housing production nationally, the impact of providing families with safe, sustainable housing cannot be overstated.

20:18 Each city department, under Mayor Johnson's leadership, is committed to improving the lives for the people of Chicago. For example, within DOH, our mission to advance affordable housing opportunities across all 77 community areas, we work daily to ensure that families have safe, dignified homes without being financially burdened. While each department has a unique commitment, we all share the same ultimate goal, to build a better Chicago together. Whether it's DPD, D-CASE, or BACP, we are united in our vision.

20:52 As we close out, I will remind you that I think we are all familiar with the phrase, it takes a village. I've said it countless times myself, but with this project, it rings truer than ever. When we build better together, everyone succeeds. I encourage you all to think of and thank the people in your village who uplift the community. I would like to express my deepest gratitude to the teams who work tirelessly to get us to this point, specifically the DOH team, Diana, Tamara, Esther, Ryan, Dina, and of course with our partners at DOL, Ashley, Grace, and Ann.

21:25 This is just one of the first groundbreakings we will see in this area. I look forward to completing this journey with all of you together. Thank you.

22:30 Down in front, please. Down in front. Go. Hey. Hello.

23:01 Thank you. Thank you.

24:04 Thank you.

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