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Office tower on famed Chicago retail strip to become 320 apartments

Connecticut-based developer completes purchase of Michigan Avenue building
Commonwealth Development Partners plans to convert offices at 500 N. Michigan Ave. in Chicago into 320 apartments. (Robert Gigliotti/CoStar)
Commonwealth Development Partners plans to convert offices at 500 N. Michigan Ave. in Chicago into 320 apartments. (Robert Gigliotti/CoStar)
CoStar News
September 10, 2025 | 2:20 P.M.

A 24-story office tower on Chicago’s best-known retail strip will be converted into 320 apartments starting early next year, according to the Connecticut-based developer that just bought the property.

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News | Office tower on famed Chicago retail strip to become 320 apartments