Historic Loop office tower developers win $98M subsidy for resi conversion; Riverside, AmTrust and DL3’s $241M overhaul of the Field Building is the largest LaSalle Street redevelopment to date

10/21/2025

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The Real Deal

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• Subcategory: MF: Market Rate, Mixed-Use: Retail-MF-Office, Office: CBD

• Tag: Adaptive Reuse | Conversion | Redevelopment | Rezoning

• Additional Filters-Subcategory: Office: Highrise

• Additional Filters-Tags: Conversion: Office-to-Residential, Historic

• Company: AmTrust Realty Corp., Riverside Investment & Development

Key Points
The historic Field Building at 135 South LaSalle Street in Chicago is being converted into 386 apartments, with nearly $100 million in public subsidies.
This $241.5 million redevelopment is the largest project in Chicago’s LaSalle Street Reimagined initiative, transforming over 624,000 square feet of vacant office space and adding 92,000 square feet of commercial uses.
Construction is set to begin in early 2026, with units delivering by mid-2027, offering 270 market-rate and 116 affordable apartments, along with retail, event space, and parking.