The AFL-CIO Housing Investment Trust (HIT) has invested $20 million to help finance the conversion of an historic office building in Chicago’s West Loop into a multifamily development to be known as Randolph Tower City Apartments. The project will create approximately 690 construction jobs.
In a released statement, the HIT said it had purchased $20 million of taxable bonds as part of the financing package for the $148.2 million, 45-story project.
A landmark in Chicago’s Loop for more than 80 years, the Gothic Revival-style skyscraper will undergo massive rehabilitation. The completed project will include 310 loft-style rental units, 20 percent of which will be affordable to low-income households, as well as more than 20,000 square feet of retail, restaurant and office space. Extensive exterior work on the building will preserve the historic terra cotta façade and other ornamental details.
“This investment means a lot to the members of Chicago’s building trades unions,” said Tom Villanova, President of the Chicago & Cook County Building & Construction Trades Council, in a released statement. “The Randolph Tower project will put our members back to work at a time when unemployment is at record levels for Chicago’s construction industry.”
Under the Construction Jobs Initiative, the HIT has provided $45 million in financing for four Chicago projects, including Randolph Tower, with total development costs of $240 million. Together the projects represent 1,040 housing units.