Developer Michael Reschke News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The plans under review respond to Mayor Lori Lightfoot’s push to add housing, including affordable units, to what has been an office ‘monoculture.’

Chicago officials have narrowed the list of proposals that could get public subsidies for its proposed revitalization of LaSalle Street, although projects under consideration still represent more than $1 billion in private investment and possibly more than 2,000 residential units.

The proposals, mostly for housing and offered with the hope of snagging city subsidies, respond to the city’s call for ideas to rejuvenate Chicago’s longtime financial district, now plagued by vacancies.

The financing, which includes both senior and mezzanine loans, was used to pay off a $68 million construction loan and an undisclosed amount of preferred equity from Goldman Sachs that backed Prime Group's nearly $140 million redevelopment of the historic building into the 381-room hotel that opened in 2015, Reschke said. The previous loan was taken out in 2013 and matured last year, forcing Prime Group to refinance in the midst of a crisis that has stunned the hospitality industry and made it especially difficult for lenders to accurately value hotels. Reschke declined to share details about...