Lasalle Street, a landmark of Chicago’s downtown, is set for a transformative revitalization. A recent report by the Urban Land Institute (ULI) Chicago, in collaboration with the City of Chicago Department of Planning and Development and the Chicago Loop Alliance, offers a roadmap to reposition this iconic street as a vibrant, mixed-use destination. The LaSalle Street Technical Assistance Panel (TAP) brought together a diverse group of real estate experts who engaged with nearly 70 stakeholders over two months to formulate actionable recommendations.
The ULI Chicago TAP presented their findings at a virtual community meeting on March 22, 2022, outlining strategies to invigorate LaSalle Street, stretching from Wacker Drive to Jackson Boulevard. Mary Ludgin, ULI Chicago Panel Chair and Senior Managing Director and Director of Global Investment Research at Heitman, emphasized the importance of this initiative. She stated that “Reenergizing Chicago’s iconic LaSalle Street corridor and envisioning a future beyond its storied past as Chicago’s Financial District, is critical for the vitality and economic health of downtown Chicago and the City as a whole.” Ludgin further highlighted the panel’s vision to transform LaSalle Street into “the heart of an inclusive new work-play-live neighborhood in the downtown, accessible and welcoming to all Chicagoans.”
Michael Edwards, President and CEO of the Chicago Loop Alliance, echoed the positive outlook on the ULI TAP recommendations. He noted the alignment of the report’s phased approach with ongoing revitalization efforts. Edwards pointed out that suggestions to “activate the street; fill vacant storefronts; expand the uses of the street are all consistent with the work of Chicago Loop Alliance and reflective of urban revitalization efforts across the country.” He also underscored the inclusive nature of the proposed changes, encompassing affordable housing, integration of university and arts & culture elements, and the introduction of “surprise and delight” into this historically significant financial district. Chicago is poised to actively participate in the implementation of this forward-looking program for LaSalle Street.
Key Highlights of the LaSalle Street TAP Report:
- Comprehensive recommendations for the revitalization of LaSalle Street.
- Focus on creating a work-play-live corridor.
- Emphasis on inclusivity and accessibility for all Chicagoans.
- Phased approach to implementation.
- Alignment with broader urban revitalization trends.
Read the full LaSalle Street TAP Report to delve deeper into the proposed strategies for the future of LaSalle Street.
