Residential conversion at 1006 S. Michigan approved by Plan Commission

The Chicago Plan Commission has approved a planned residential conversion of the timber loft building at 1006 S. Michigan. Planned by JK Equities and Oak Capitals, the project is located directly south of the new 1000M development by JK Equities, Oak Capitals, and Time Equities along S. Michigan Ave between E. 9th St and E. 11th St.

Designed by FitzGerald, the 102-foot-tall post and beam loft office building would be converted into 49 new apartments with ground floor retail space. Both the retail space and residential entry will front S. Michigan Ave with a bike room and loading dock along the alley for residents. 

The upper seven floors will feature seven apartments per floor with a mix of 21 one-beds and 28 two-beds. To meet ARO requirements, five of the apartments will be affordable and a fee in-lieu of $1.12 million will be paid to cover the remaining obligation of five units. 

The developers are seeking an amendment to the site’s Planned Development to allow residential as a permitted use in the building’s subarea to allow for the proposed conversion. With approval from the Chicago Plan Commission secured, the $14.5 million development now needs final approvals from the Committee on Zoning and City Council.