Bellwether Residences opens as Chicago's first Loop office conversion

The Bellwether Residences has officially opened in Chicago’s Loop, marking the first completed office-to-residential conversion under the city’s LaSalle Street Reimagined initiative. Located at 79 W. Monroe St. in the historic Rector Building, the project repurposes floors seven through 14 into 117 residential units.

The $64.2 million conversion includes 41 affordable housing units, exceeding the program’s 30% requirement. The project was supported by $28 million in Tax Increment Financing (TIF) assistance. While the upper floors serve as apartments, the lower levels of the building house a charter school and a Walgreens.

This project is part of a broader revitalization effort aimed at transforming the central business district into a mixed-use neighborhood to combat the vacancy issues caused by the pandemic. The initiative is expected to eventually create more than 1,700 homes throughout the downtown area.