111 West Monroe Hotel and Residential Conversion, Chicago

Crews are gutting floors at 111 West Monroe under an interior demolition permit, and the design move that makes the whole $300 million conversion work is subtractive: a new lightwell cut vertically through the middle of the building. Deep floor plates are the reason most Loop office towers can’t become apartments. This one solves it by removing floor area rather than adding windows.

Project Scope

The property is two joined structures, a 1911 brick tower with a monumental Ionic colonnade and a 1954 glass-faced corner addition. Floors 3 through 10 become a 308-room hotel; floors 12 through 22 become 345 apartments. The Monroe Club, a former members’ club, returns on the top two floors with a restaurant, bar and pool deck. A 130-space underground garage is reached by car elevator off the rear alley, and floors 2 and 3 pick up 20,000 square feet of conference and event space. The Prime Group and Capri Investment Group are developing, Stantec is architect, and McHugh Construction is partnered with BOWA Construction on the build.

Why It Matters

The 1911 section received Chicago Landmark designation in 2025, which unlocked federal and state historic tax credits. The Community Development Commission then approved a $50 million TIF loan from the LaSalle Central district, structured over 20 years with interest-only payments for the first five. That stack, landmark credits plus patient public debt, is the only reason the numbers close.

One caveat belongs in any honest write-up: as of mid-2026 the equity for the residential portion had not been secured. Chicago’s conversion pipeline has produced several projects that permitted, demolished and then stalled waiting on the capital stack. Interior demolition is not the same as a financed job, and 345 units is a lot of exposure sitting above a hotel that has its own financing to close.

Project Team & Details