Chicago Celebrates Completion of First Loop Office-to-Residential Conversion at The Bellwether Residences
Mayor Brandon Johnson, alongside R2 Development and city officials, celebrated the grand opening of The Bellwether Residences in Chicago's Loop. This project marks the first completed office-to-residential conversion in the area, transforming 11 floors of vacant office space at the historic Rector building into 117 mixed-income residential units and ground-floor retail. The $64.2 million adaptive reuse initiative is a key component of the Johnson administration's strategy to revitalize downtown Chicago, aiming to create a 24-hour live, work, and play environment. Of the 117 units, 41 are designated as affordable housing for households earning an average of 60% of the area median income. City funding for the project included $28 million in Tax Increment Financing and a landmark designation in 2025, which facilitated $7.8 million in federal historic tax credits. The Bellwether is part of the broader LaSalle Street Reimagined initiative, which seeks to convert underutilized office spaces into mixed-income res... 
