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Skender begins converting 500 N. Michigan into apartments
The 24-story adaptive reuse will turn vacant office floors 3 through 23 into 320 residential units, with completion targeted for late 2027.
ConnectCRE reports that Skender has started the adaptive reuse of the 500 N. Michigan Avenue office tower on Chicago’s Magnificent Mile, a project aimed at shifting space from offices to residences.
The conversion will redevelop a 400,000-square-foot, 24-story building into a residential community with 320 dwelling units. Developed by Connecticut-based Commonwealth Development Partners and designed by GREC Architects, the 304-foot-tall tower was originally designed by Skidmore, Owings & Merrill and completed in 1968.
As part of the redevelopment, the project will transform vacant floors 3 through 23 into residential units and add a new 25th floor with indoor and outdoor amenity space.
ConnectCRE notes the initiative supports a broader city effort to address office vacancy and expand urban housing supply, and cites Skender vice president Alex Panici saying the work matches Skender’s focus and helps bring new life to a local landmark.