Overhead Roof Deck rendering of 79 W Monroe (Renderings Provided).
A historic high-rise in the heart of the Loop is getting a second life — this time, as a place to live.
Mayor Brandon Johnson, alongside Alderman Bill Conway and other city officials, joined developers and community leaders on Wednesday to break ground on 79 West Monroe, a first-of-its-kind project that will convert the long-vacant Rector Building into a modern residential tower.
Originally designed by renowned architect Jarvis Hunt, the Rector Building is the oldest surviving commercial high-rise in Chicago. Soon, it will house 117 new apartments — 35% of which (41 units) will be affordable housing.
Interior Studio Unit Rendering
“Chicago has a long history of pioneering innovative architecture projects, and we have repeatedly demonstrated our ability to overcome challenges by reimagining our city for the future,” Mayor Johnson said at the ceremony. “The transformation of 79 West Monroe joins a legacy of projects across the city that honor our history while securing our bright future.”
The project marks a major milestone in the City’s strategy to reimagine the LaSalle Street corridor, once dominated by office towers, into a mixed-use neighborhood with more housing options. It also represents Chicago’s entrance into a growing national movement — converting underused office space, left empty by the pandemic, into homes.
“An investment in downtown is an investment in Chicago’s future,” said Ald. Conway, who represents the 34th Ward. “Adding affordable housing in the heart of our city is a critical step in reimagining the central business district, one that will have a positive impact across Chicago.”
Interior Lounge Rendering
The project is led by Lagfin — the holding company of the Campari Group — and Chicago-based R2 Companies. According to Lagfin Director Massimiliano Seliziato, the company’s investment in Chicago is its largest in any North American city.
“Chicago is a world-class city with a unique blend of history, innovation and economic strength,” Seliziato said. “As cities around the world adapt to new ways of living and working, Lagfin and R2 Companies are proud to celebrate the groundbreaking of 79 West Monroe, which not only revitalizes a historic landmark but also sets a model for sustainable, mixed-use communities.”
Construction will be managed through a joint venture between Leopardo Construction and GMA Construction Group, a minority-owned general contractor. The development is expected to generate at least 75 construction jobs. The team has committed to preserving the building’s architectural character while upgrading the structure with modern, energy-efficient systems and residential amenities.
“Today’s groundbreaking rapidly advanced in part because of Mayor Johnson’s Cut the Tape efforts. And we are truly Building Better Together here due to a much broader effort to revitalize the heart of Chicago,” said Ciere Boatright, Commissioner of the Department of Planning and Development. “When DPD and DOH launched the LaSalle initiative, we were squarely focused on the future roles of historic office buildings just like this one — where the City could support contemporary uses that maximize their location at the nexus of the city’s transit system, the adaptability of their floor plates to mixed-income housing, and their historic character that makes the Loop so uniquely urban.”
Key Details About the 79 West Monroe Project:
Street Perspective Night Rendering
- 117 new apartments
- 41 units (35%) designated as affordable housing
- First office-to-residential conversion in Chicago history
- Located in the historic Rector Building, designed by Jarvis Hunt
- Joint venture between Leopardo Construction and minority-owned GMA Construction Group
- At least 75 construction jobs to be created
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