Office to residential conversion at 500 N. Michigan breaks ground

Connecticut-based developer Commonwealth Development Partners was recently joined by Mayor Brandon Johnson and DPD Commissioner Ciere Boatright to break ground on the residential conversion of 500 N. Michigan, a 304-foot-tall, 24-story building along the Mag Mile that was originally built in 1968 and houses a series of retail tenants with vacant office space above. 

"Chicago's downtown continues to evolve, and projects like this demonstrate how we can create more housing by reimagining existing buildings," said Mayor Brandon Johnson. "By converting underutilized office space into hundreds of new homes, including affordable units, we're creating new opportunities for people to live downtown while supporting a vibrant mixed-use district that benefits residents, workers, businesses, and visitors alike." 

Designed by GREC Architects, the conversion will transform vacant floors 3 through 23 into 320 residential dwelling units, while a new 25th floor featuring indoor and outdoor amenity space — including a rooftop pool — will be constructed atop the building, adding 17 feet to its height. Level 24 will house mechanical systems, and Floors 2 through 5 will include additional residential amenity programming. Ground-floor retail will be retained, preserving the building’s longstanding role as a Mag Mile landmark. 

The building has a parking garage in 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 and now the project’s groundbreaking celebrated, general contractor Skender can begin construction on the $162 million conversion. Completion is targeted for late 2027.