Bellwether opening brings 117 homes to the landmark Rector Building

The Rector Building has entered its residential chapter. City officials and developers celebrated the Bellwether Residences opening on September 9, after former office floors at 79 W. Monroe Street were converted into 117 apartments, including 41 affordable homes.

Explore the history and sources for Rector Building in the Research Library.

A completed conversion with public investment

The Chicago Sun-Times reported a $64.2 million redevelopment supported by $28 million in tax increment financing. The opening marks the first completed office-to-residential project under the LaSalle Street Corridor Revitalization program.

The unit count makes the change tangible: space previously devoted to office work now accommodates households. The affordable apartments are part of that result and should remain central to evaluating the public investment.

The old address remains visible

The building’s history reaches back to Jarvis Hunt’s 1905 design for Charles Rector, followed by expansion and banking uses. The Bellwether name adds another identity to a property also known through its Chicago Trust and Bell Federal associations.

WBBM reports that the corner’s weather-bell sign has returned with the new residential branding. That familiar object gives the conversion a visible connection to the building’s earlier life, even for passersby who never enter the apartments.

What comes after the ribbon cutting

The opening provides a completed example for the broader corridor initiative. It also creates a basis for questions that cannot be settled at a ceremony: how well the homes function, whether affordable units reach their intended residents, and how the building contributes to everyday street activity.

Future conversions will involve their own buildings, costs, and constraints. Bellwether’s value as a precedent will depend on documenting both the housing it delivers and the historic structure it continues to sustain.