Interior demo permit issued for residential conversion at 500 N. Michigan

An interior demolition permit has been issued for a residential conversion of the existing office building at 500 N. Michigan. Planned by Connecticut-based developer Commonwealth Development Partners, the 304-foot-tall, 24-story building along the Mag Mile was originally built in 1968 and houses a series of retail tenants with most of its office space vacant.

Designed by GREC Architects, the building will be converted into 320 residential dwelling units on floors 6-23. With a mix of studios, one-beds, and two-beds, the project will include 64 affordable apartments.

Retail will remain on the first two floors with office space retained on the third through fifth floors. Residents will have access to amenity space on the seventh floor as well as a new rooftop amenity space on the 24th floor that is both indoor and outdoor.

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

With the interior demolition permit issued, general contractor Skender can demolish the existing interiors of the building’s office space in preparation for the buildout of new residential units. A timeline for construction has not been announced.