135 S. LaSalle (Field Building)
135 S. LaSalle St, Chicago, IL 60603
Snapshot
- Year built
- 1934
- Architect
- Graham, Anderson, Probst & White
- Original use
- Bank / office tower
- Redevelopment
- Mixed-use, 386 apartments (~30% affordable)
- Status
- City Council approved 2025-10-31; construction Spring 2026; Class L approved 2025-08-20
- TDC
- $241.5M
- Units
- 386 total · 116 affordable (30%) · 60% AMI typical
- Developer
- Riverside Investment & Development + AmTrustRE + DL3 Realty
- Developer tier
- ARiverside + DL3 are A-tier Chicago developers; both have HTC experience
- Last updated
- 2026-05-20
What Monarch would syndicate
~$43.0M
tax equity Monarch would write a check for
- Federal HTC$40.0M
- Illinois State HTC$3.0Mcapped per project
Additional credits not yet quantified
- LIHTC (4% / 9%) · paired with MRBs
Deal capital structure (context)
Non-syndicated capital sources on this deal. Listed for awareness; not part of what Monarch writes a check for.
- Class L· property tax assessment
- TIF· city subsidy$98.0M
Scoring
Scored 0-103 across 5 categories. ≥70 = term-sheet ready. ≥55 = watchlist. Full rubric in Methodology.
- Credit stack density23 / 30
Federal HTC + State HTC + LIHTC
- Historic readiness14 / 20
NR-listed + Part 1 inferred + State HTC pre-allocation + Class L
- Policy environment18 / 18
State Tier A + LaSalle/RERZ bonus
- Developer relationship15 / 15
Tier A repeat partner
- Size and feasibility16 / 20
TDC adjacent to modal band + HTC gap stated + ≥30% affordable
Recommended action
Highest priority.
Reach out to Riverside Investment & Development BD lead for tax equity placement. Reference: $40M federal HTC + IL state HTC (capped $3M) stack; affordable component opens 4% LIHTC layer.
Recommended Monarch contact: Rick Chukas (HTC)
Similar past deals
Bank of New Orleans / Fairmont New Orleans
New Orleans, LA
TDC ·
SOM · built 1971 · Bank HQ
Kemper Arena (Mosaic Arena)
Kansas City, MO
$40.2M TDC
Helmut Jahn · built 1974 · Sports arena
Kimpton Cottonwood Hotel (Blackstone Hotel)
Omaha, NE
$75.0M TDC
built 1915 · Hotel
Sources
- https://www.preservationchicago.org/win-adaptive-reuse-of-field-building-at-135-s-lasalle-street-approved-by-city-council-2/
- https://chicagoyimby.com/2025/12/yimby-interviews-the-team-behind-the-residential-conversion-of-135-south-lasalle-street-in-the-loop.html
- https://chicago.urbanize.city/post/landmarks-approves-class-l-adaptive-reuse-redevelopment-135-s-lasalle
deal.id: 135-s-lasalle · scored 2026-05-20 17:31 UTC · last refreshed 2026-05-20 · source: pipeline.json