Prime Group and POAH Secure Funding for $220M Loop Hotel and Morgan Park Housing Projects

Chicago’s Community Development Commission (CDC) has authorized over $220 million in new real estate investment to support housing and downtown adaptive reuse projects. The commission approved $5 million in tax increment financing (TIF) and land transfers for the Morgan Park Commons project. Led by Far South Community Development Corporation and Preservation of Affordable Housing, the $54.6 million development at 11420 S. Halsted St. will deliver 70 residential units across two buildings, with 66 units set aside for affordable housing. The site is part of a larger 13-acre initiative that will eventually include a two-acre public park connecting to the Major Taylor Trail.

Separately, the commission greenlit a $50 million TIF loan for The Prime Group and Capri Interests to advance a $166.5 million office-to-hotel conversion at 111 W. Monroe St. in the Loop. The landmark building will be transformed into a 327-room hotel, repurposing roughly 275,000 square feet of underutilized office space. City officials noted that these projects reflect a dual focus on expanding affordable housing in neighborhoods and revitalizing the downtown core through the adaptive reuse of historic office properties.