Commonwealth Development Submits Zoning Application for 288-unit Office-to-Resi Conversion on Magnificent Mile

Commonwealth Development Partners has revealed plans to convert the largely vacant office building at 500 N Michigan Avenue into residential units. Located at the intersection with E Illinois Street, the 24-story building will undergo redevelopment with a focus on modernizing the space for new apartments. Designed by SOM and built in 1968, the structure has gone through several renovations, including a 2020 update to its ground floor retail space.

Design and Architects Involved

The redevelopment project will be designed by local firm GREC Architects. The plans include preserving the lower six floors of the building, while the upper levels will be transformed into residential units. The development will keep the existing basement-level parking garage as a valet-only space with a capacity of 68 vehicles.

Apartment Layouts and Affordable Housing

The new design will accommodate 288 apartments, featuring a variety of layouts including 137 studios, 97 one-bedroom, and 54 two-bedroom units. Sizes will range from 488 to 1,258 square feet. As part of the project, 58 units will be designated as affordable housing.

Rooftop and Amenity Enhancements

To enhance the building’s amenities, the developers plan to convert part of the 24th-floor mechanical space into an indoor-outdoor area. The rooftop will also be expanded with new additions, including a large deck, bringing the total building height to 321 feet. These upgrades are part of a strategy to provide modern, appealing living spaces.

Project Timeline and City Approval

While the plans have been submitted, further city approval is required before construction can begin. The developers will also contribute to the Neighborhood Opportunity Fund to gain additional Floor Area Ratio (FAR) benefits. A timeline for the project’s start remains uncertain at this stage.