City Council Approves Residential Conversion Of 500 N Michigan Avenue

The Chicago City Council has approved the conversion of the office building at 500 N Michigan Avenue on the Magnificent Mile. Announced earlier this year, the proposal has sailed through all of its necessary approvals recently and will join various other conversions downtown. The project is being led by Connecticut based Commonwealth Development Partners with GREC Architects.

Site plan of 500 N Michigan Avenue by GREC Architects

500 N Michigan Avenue, prior to renovation via Google Maps

Rising 24-stories and 304 feet tall, the office high-rise was originally built in 1968 and is home to businesses like the Italian Consulate and multiple retail tenants on the ground floor like Vans and Bank of America. However, like many office buildings in the city, it has been struggling with rampant vacancies leading to the change.

Ground floor plan of 500 N Michigan Avenue by GREC Architects

Residential floor plan of 500 N Michigan Avenue by GREC Architects

While the lower levels will remain the same, the upper floors will be converted into 320 residential units made up of studios, one-, and two-bedroom layouts. Of these, 64 will need to be considered affordable. However this will be completed in phases with 238 units as part of phase one and 82-units as part of phase two.

Interior views of 500 N Michigan Avenue by GREC Architects

New 25th floor plan of 500 N Michigan Avenue by GREC Architects

The work will also include a new rooftop addition bringing its final height to 322-feet in height, as well as punching in multiple louvers on the 24th floor to add a new amenity level. Residents will also have access to an existing 68-vehicle parking garage that will function with a valet system. With all needed approvals in hand, the developer can move forward, though no timeline is known.

Subscribe to YIMBY’s daily e-mail

Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews