Residential conversion project begins at office building on Chicago's Magnificent Mile
Chicago Mayor Brandon Johnson and other officials broke ground Wednesday on an office-to-residential conversion project on the Magnificent Mile.
The project at 500 N. Michigan Ave., right across from the InterContinental Chicago Magnificent Mile Hotel, will create 320 new homes.
"Chicago's downtown continues to evolve, and projects like this demonstrate how we can create more housing by reimagining existing buildings," Mayor Johnson said in a news release. "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."
The $162 million project will turn the 25-story building into 256 market-rate units and 64 affordable units. Retail and commercial units will continue on the lower floors, the Mayor's office said.
"Office-to-residential conversions are driving downtown investment and supporting a healthy mixed-use environment," Chicago Department of Planning and Development Commissioner Ciere Boatright said in the release. "The project at 500 N. Michigan underscores this trend in the heart of the Magnificent Mile."
A Planned Development zoning designation for the building was approved by the Chicago Plan Commission and the City Council in 2024. The building will also feature 68 below-grade parking spaces, green roof, new outdoor lighting, enhanced landscaping, and upgraded stairway access to Lower Michigan Avenue.
The 500 N. Michigan Ave. building was constructed in 1968.
On its lower floors, the building houses a Chick-Fil-A and a Bank of America. It also used to house a Vans shoe and apparel store, but the store recently closed.
