In one of the largest office-to-residential conversion projects in recent Chicago history, the upper six floors of the 10-story building at 111 W. Illinois Street in River North will be transformed into 153 apartments. The redevelopment, backed by local firms WindWave Real Estate and Path Construction, marks a significant shift in the city's urban landscape amid broader national trends in adaptive reuse of commercial spaces.
Project Overview and Financial Scope
WindWave and Path Construction completed the $17 million acquisition of the building’s office and retail components, with the total cost of the redevelopment estimated at $64 million. This includes both the purchase price and the extensive renovation work to follow. The project is financially supported by preferred equity from Chicago-based Landrock LP.
Unlike other similar initiatives, the conversion at 111 W. Illinois does not involve public incentives or tax increment financing. Its zoning already allows for residential use, streamlining the approval process and eliminating the need for affordable housing components.
Building History and Components
Originally built in 2008, the property has been largely vacant since Salesforce relocated to the newly completed Salesforce Tower along the river. Previously owned by Germany’s Manova Partners, the building's office vacancy reflects a broader trend in commercial real estate, with many downtown office buildings experiencing steep declines in valuation due to the remote work shift initiated during the COVID-19 pandemic.
The new purchase includes:
Upper six stories of office space
Ground-floor retail currently leased to Roka Akor and Tarry Coffee
Not included in the deal are the second through fourth floors, which remain under the ownership of Erikson Institute, a higher education organization.
Design and Amenities
CoStar reports that the redesign will include a host of lifestyle-oriented features aimed at attracting urban renters. Planned amenities are:
Indoor-outdoor fitness and wellness center
Hospitality lounge
Outdoor terrace with grilling stations and a firepit
Pet spa
Indoor bike parking
Coworking spaces repurposed from former WeWork offices
These features reflect modern urban living demands and aim to make the building an attractive choice in a competitive rental market.
Construction and Workforce Impact
With construction beginning in June 2025 and completion anticipated by summer 2026, a wide array of skilled trades will be mobilized throughout the project. The conversion will require:
Selective demolition and structural retrofitting crews
Framing and drywall contractors
Electrical and low-voltage system installers
HVAC technicians
Plumbing and fire suppression system specialists
Elevator system technicians
Glazing and window specialists
Painters, tile setters, and finish carpenters
Roofing and waterproofing professionals
Concrete refinishing and surface prep teams
The project is expected to generate substantial construction employment while extending the useful life of a relatively modern building through adaptive reuse.
Context and Broader Market Trends
CBRE reports that, for the first time since 2000, U.S. office conversions and demolitions are expected to surpass new office construction in 2025. The 111 W. Illinois project exemplifies this shift, with developers opting to convert underutilized office buildings into multifamily housing to meet growing residential demand.
Chicago’s River North neighborhood, known for its vibrant mix of dining, retail, and residential spaces, is experiencing strong rental demand with limited new supply. This imbalance creates favorable conditions for office-to-residential conversion projects.
Nearby, additional conversions include a 36-unit redevelopment of a loft building built in 1913, and a 66-unit project at 223 W. Erie St., where a former shoe factory turned office is also being adapted into apartments.
Developer Background and Vision
WindWave Real Estate is helmed by Jon Cordell, who has an extensive background in large-scale urban developments through prior leadership roles at John Buck, Tishman Speyer, and Lendlease. Notable projects Cordell has contributed to include the Cascade and Cirrus towers in Lakeshore East and the Reed and Cooper towers in the South Loop.
Cordell emphasized the strategic nature of the 111 W. Illinois conversion: “You could argue that this is not even an obsolete office building. This is just a better use.”
Path Construction, based in Arlington Heights, brings experience from a wide array of commercial and institutional projects and will serve as general contractor for the development.
Conclusion: A New Chapter for River North
The conversion of 111 W. Illinois is more than just a renovation—it's a forward-looking redevelopment that reflects how urban structures can evolve to meet the changing needs of a modern city. With no affordable housing mandates, favorable zoning, and strong market demand, this project positions itself as a landmark example of adaptive reuse done right. As construction begins, it not only reshapes the building itself but also helps redefine River North's residential landscape for years to come.