Primera Group's planned 400-unit residential conversion of the Clark Adams Building in the Loop would receive $67.5 million in Tax Increment Financing (TIF) support through a financial proposal submitted to City Council today by Mayor Brandon Johnson.

The $183.5 million project at 105 W. Adams St. will transform 400,000 square feet of underutilized commercial space as studios, one- and two-bedroom apartments. Thirty percent of the residences — 120 units — are planned as affordable for households earning an average of 60% of the area median income. Funding for the project would come from the LaSalle Central TIF district.

Plans also include commercial space upgrades within the building’s ground and mezzanine levels. A portion of the upper floors will continue to be occupied by a hotel and related uses.

Also known as the Bankers Building, the 41-story Art Deco high-rise was the tallest building in the financial district upon its completion in 1927. Designed by Burnham Brothers, the building was recommended for landmark status by the Commission on Chicago Landmarks in July.

The project is one of six adaptive reuse proposals advanced for City support as part of the Loop Revitalization Initiative. Collectively, the planned office conversions represent more than $900 million in total investments and 1,765 units of mixed-income housing.