Office to residential conversion proposed at 500 N. Michigan

Connecticut-based developer Commonwealth Development Partners is looking to convert the office building at 500 N. Michigan into residential. Located along the Mag Mile, the 304-foot-tall, 24-story building was originally built 1968 and houses a series of retail tenants with most of its office space vacant.

Designed by GREC Architects, the building would be converted into 320 residential dwelling units on floors 6-23. Retail would remain on the first two floors with office space retained on the third through fifth floors. Residents would have access to amenity space on the seventh floor as well as a new rooftop amenity space on the 24th floor. This top floor amenity space would be both indoor and outdoor but would require additional FAR to be obtained through the Neighborhood Opportunity Fund bonus framework while also increasing the building height from 304 feet to 321 feet. 

The building has a parking garage on the basement with valet service that can accommodate 68 cars. Access is from Lower Illinois St and would be continued as valet service after the conversion.

The redevelopment will need to amend the existing Planned Development for the project. Approvals will be needed from Alderman Reilly, the Chicago Plan Commission, the Committee on Zoning, and City Council.