Skender Starts Conversion of Magnificent Mile Office Tower Into Residences
Skender has started the 500 N. Michigan Avenue adaptive reuse project, a transformative conversion of a 400,000-square-foot office tower into 320 residential units on Chicago’s Magnificent Mile.
Developed by Connecticut-based Commonwealth Development Partners and designed by GREC Architects, the 24-story building will be reimagined as a residential community, with completion targeted for late 2027.
Originally designed by Skidmore, Owings & Merrill and completed in 1968, the 304-foot-tall tower sits at the corner of N. Michigan Avenue and E. Illinois Street. The conversion will transform vacant floors 3 through 23 into 320 residential dwelling units, while a new 25th floor featuring indoor and outdoor amenity space will be constructed atop the building.
The project represents one of the most significant office-to-residential conversions underway in Chicago’s downtown, part of a broader city initiative to address office vacancy and expand the supply of urban housing. “Projects like 500 N. Michigan represent exactly the kind of work Skender was built for,” says Alex Panici, vice president, Skender. “We’re proud to partner with Commonwealth Development Partners to breathe new life into this Magnificent Mile landmark and contribute to Chicago’s continued downtown transformation.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout