Chicago offers $1.5bn in subsidies to convert vacant office buildings into apartments/hotels, addressing a 25.1% downtown office vacancy rate.
Chicago offers record-breaking subsidies to convert outdated office buildings into apartments and hotels, with Mayor Brandon Johnson supporting this movement to revitalize downtown. The $1.5bn public subsidy program aims to remodel mostly older buildings into affordable housing or hotels. Chicago's total downtown office vacancy rate has reached a record high of 25.1%, up from 13.4% in 2018.
May 30, 2024
3 Articles