CHICAGO — Commonwealth Development Partners has broken ground on the $162 million redevelopment of 500 North Michigan Ave. in Chicago. JLL arranged a $71.5 million construction loan through Santander Bank and $41.8 million in equity from Washington Capital Management. The project will convert a 25-story office tower, built in 1968, to a 320-unit luxury apartment community in Chicago’s Magnificent Mile district. Twenty percent of units will be designated affordable, rent restricted to 40 to 80 percent of area median income.
Connecticut-based Commonwealth Development and partner Triangle Capital Group acquired the property in August 2025 for $5 million. Upon completion, the adaptive reuse project will feature studios, one- and two-bedroom units, 60 garage parking spaces, ground-floor retail, a rooftop pool and amenity deck, fitness center, coworking spaces, multi-sport simulator, theater and front desk concierge. GREC is the architect. Completion is slated for March 2028.