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...
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.
Share this article on you social outlets
Our Sponsors
- - Volume: 24 - WEEK: 30 Date: 7/23/2024 2:09:07 PM -