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Interior Demolition Permit Issued for Residential Conversion of 500 N. Michigan
Connecticut-based developer Commonwealth Development Partners plans to convert the 24-story office building into 320 residential units.
Apr. 8, 2026 at 2:30pm
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An interior demolition permit has been issued for the residential conversion of the existing 24-story office building at 500 N. Michigan Avenue in Chicago. The building, originally constructed in 1968, will be transformed into 320 residential units by Connecticut-based developer Commonwealth Development Partners, with 64 of those units designated as affordable housing.
Why it matters
The conversion of this prominent office building along Chicago's Magnificent Mile into a mixed-use residential and retail property reflects the ongoing shifts in urban real estate, as developers seek to repurpose underutilized commercial spaces into new housing to meet growing demand.
The details
Designed by GREC Architects, the building's conversion will maintain retail on the first two floors and office space on the third through fifth floors, while floors 6-23 will be converted into a mix of studio, one-bedroom, and two-bedroom residential units. Residents will have access to amenity spaces on the seventh and 24th floors, and the existing parking garage in the basement will continue to provide valet service for 68 vehicles.
- The interior demolition permit was issued on April 8, 2026.
- A timeline for the full construction and completion of the residential conversion has not been announced.
The players
Commonwealth Development Partners
A Connecticut-based real estate development company that is leading the residential conversion project at 500 N. Michigan.
GREC Architects
The architecture firm responsible for the design of the residential conversion of the 500 N. Michigan building.
Skender
The general contractor that will be demolishing the existing office interiors in preparation for the buildout of the new residential units.
What they’re saying
“The conversion of this prominent office building along Chicago's Magnificent Mile into a mixed-use residential and retail property reflects the ongoing shifts in urban real estate, as developers seek to repurpose underutilized commercial spaces into new housing to meet growing demand.”
— Lukas Kugler, Author
What’s next
With the interior demolition permit issued, Skender can now begin the process of demolishing the existing office interiors to prepare for the buildout of the new residential units. A timeline for the full construction and completion of the project has not been announced.
The takeaway
The residential conversion of 500 N. Michigan is a prime example of how developers in major cities are adapting to changing real estate trends, repurposing underutilized commercial spaces into new housing to meet growing demand, particularly along prime urban corridors like Chicago's Magnificent Mile.
