Chicago Officials and Developer Break Ground on $162 Million Michigan Avenue Housing Conversion
Chicago Mayor Brandon Johnson has announced the commencement of a significant office-to-residential conversion project on the Magnificent Mile. The project, located at 500 N. Michigan Ave., aims to transform a 25-story office building into 320 residential units, including 256 market-rate and 64 affordable units. This $162 million initiative is part of a broader effort to revitalize downtown Chicago by repurposing underutilized office spaces into housing. The building will retain retail and commercial spaces on its lower floors, and additional features will include 68 below-grade parking spaces, a green roof, and enhanced landscaping. The project has received the necessary zoning approvals from the Chicago Plan Commission and the City Council. 
