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500 North Michigan Ave

OFFICE-TO-RESIDENTIAL CONVERSION

Iconic Michigan Avenue office building acquired at $14/PSF ($5.1M total). Converting to 320 residential units with a 30-year tax abatement and over $20M of historic tax credits. Closed August 2026.

Iconic Michigan Avenue Office Conversion

500 N Michigan Avenue is CDP’s office-to-residential conversion on Chicago’s Magnificent Mile, acquired and closed in August 2026. Gensler’s comprehensive assessment confirmed the building’s strong fundamentals for residential repurposing with an 86% overall compatibility score.

Gensler Assessment Scores

86% total compatibility, with exceptional ratings across critical conversion factors.

  • Building Form — 10/10: Rectangular floor plates ideal for residential layouts.

  • Context — 10/10: Prime location with excellent transit and walkability.

  • Envelope — 9/10: Unobstructed windows on all facades with excellent views.

  • Floor Plate — 7/10: Larger than ideal but highly functional for residential units.

  • Services — 6/10: Sufficient elevator capacity and on-site parking amenities.

Source: Gensler Office-to-Residential Conversion Analysis, January 2024.