Curbed Real Estate Eyes Office-to-Residential Conversion at 212 East Ohio Street in Chicago

• Curbed Real Estate plans 28-unit residential conversion
• Targets high office vacancy in Streeterville asset
• Seeks zoning relief to remove parking and open space requirements

Curbed Real Estate targets vacant office space in Streeterville

Curbed Real Estate is proposing to convert a five-story mixed-use building at 212 East Ohio Street from office use into residential. The property currently includes a ground-floor restaurant and four floors of office space, much of which is vacant or being subleased. This setup makes it a prime candidate for conversion.

The conversion strategy focuses on efficient rental units

The plan calls for 28 residential units, primarily one-bedroom apartments, with a smaller number of two-bedroom layouts. The design emphasizes efficiency, using borrowed light for interior units and avoiding costly additions like balconies or rooftop space. This keeps construction costs lower while maximizing rentable space.

Retail remains, while upper floors are repositioned

The ground-floor restaurant will remain in place, preserving an existing income stream and maintaining street-level activity. This mixed-use approach is common in conversion projects, allowing developers to stabilize part of the asset while repositioning the rest.

Zoning relief is key to project viability

The developer is seeking zoning variations to eliminate parking and open space requirements. Without these adjustments, the conversion would likely be less feasible. This reflects a broader trend where cities are becoming more flexible to encourage office-to-residential conversions.

Location supports strong leasing fundamentals

Streeterville remains one of Chicago’s most desirable rental markets, driven by proximity to downtown, healthcare institutions, and retail corridors. Even with limited amenities, well-located units in this neighborhood tend to lease quickly.

What this means for office and multifamily investors

Curbed Real Estate’s proposal highlights a growing shift in urban markets. Office buildings with high vacancy are increasingly being repositioned into residential assets. For investors, conversion deals offer a way to unlock value in underperforming properties, especially in strong rental markets like Streeterville.