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![]() A largely vacant office building on the Magnificent Mile may become an apartment building as Chicago further establishes itself as a U.S. leader in office-to-residential conversions.Commonwealth Development Partners, a Connecticut-based developer and investment firm, is aiming to convert most of 500 N. Michigan Ave. into 320 units, Crain`s Chicago Business reports. The company is under contract to purchase the 24-story building from a group of international investors that put it on the market in 2022, sources told Crain`s. Commonwealth`s proposed project would convert floors six through 23 into residential units while adding rooftop amenities and a terrace, while the first two floors would remain retail and commercial space, Crain`s reports. Floors three through five would remain office space, and the building`s height would grow from 303 to 321 feet. The project would be the latest in a string of conversions in Chicago as the city looks to repurpose office stock that continues to hit record levels of vacancy... RSK: I am hoping this works. The TIF doesn`t seem to be enough to have the projects make sense, but I am sure the developers have done their due diligence. Good luck. | ||
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