Housing Bulletin
In the Loop, All That Jazz Is Now For Rent
A 1929 Loop skyscraper threatened with demolition just over a decade ago has come roaring back in the hands of new owners. It’s now nearing the end of its transition from underused office building to stylish apartment tower.
Randolph Tower, at 188 West Randolph Street, was originally the Steuben Club Building, which housed an organization for “American citizens of German descent as a testimonial of their loyalty to the ideals of American citizenship,” as a vintage brochure puts it. (World War I was still a fresh memory at the time.)
After being wrapped in protective scaffolding for years, the 42-story tower will emerge later this year with its ornate Gothic exterior fully restored. Most interior work is done, and some apartments are already occupied. Tours will be available at an opening party on May 9 from 6 to 8 p.m., but you can explore the building now by clicking through the photos below.
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A reader has asked how much public money went into the project. It's been reported that the developers got $34 million in subsidies, though they won't confirm that figure.
Here's some documentation from the city on how the project was funded.
http://www.cityofchicago.org/content/dam/city/depts/dcd/tif/T_014_RandolphTowerCityAptsCDC.pdf
Capital Sources listed by the Community Development Commission of the City of Chicago
$20 million TIF
$77.5 million Tax exempt municipal bonds
$31 million Historic Rehabilitation Tax Credit Equity
$6.5 million Low income Housing Tax Credit Equity
$4 million cash equity