As the condo craze cools ever so slightly and more renters are hustling for choice in apartments, the increase in the number of apartment buildings being constructed comes as no real news. But an apartment building conversion? Now we really know the tides have shifted. Randolph Tower, the office building at 188 W Randolph St (famous for its falling terra cotta in 2001), will be renovated and converted to 297 apartments by the Michigan-based apartment investor Village Green Co, which will also include retail and restaurant space.
The Chicago Community Development Commission gave a big financial leg-up for the project, by approving $8 million in TIF (tax-increment financing) money according to an article in Crain’s Chicago Business. For its part, Village Green agreed to set aside 20 percent of the apartments as affordable for low-income residents.