The Chicago City Council has approved a Class L tax incentive for the landmark Field Building at 135 S. LaSalle Street to support its partial conversion and renovation. The project, with a total budget of approximately $241.6 million, involves the rehabilitation of the historic building, converting several floors into 394 residential units and upgrading the remaining commercial and retail spaces. The conversion includes transforming levels 5-14 into residential units, creating new tenant amenities on level 25, converting levels 3 and 4 into parking, and modernizing building systems. The incentive was deemed necessary for the substantial rehabilitation, which aims to preserve the historic structure while increasing economic activity and housing supply in the Loop. The Commission on Chicago Landmarks reviewed and recommended the project, confirming it meets the Secretary of the Interior's Standards for Rehabilitation.