The adaptive reuse trend in Chicago is gaining momentum, and one of the latest projects to join this movement is the conversion of a seven-story office building at 223 W. Erie Street in River North. With approval from the Chicago City Council, Concord Capital will lead this $18.4 million transformation, turning a half-vacant office structure into 66 much-needed residential units.
The site, located at the southeast corner of N. Franklin Street and W. Erie Street, currently consists of ground-floor retail with six floors of office space above. Designed by Kennedy Mann, the redevelopment will create a vibrant residential hub in the heart of River North. By converting the underutilized office space into rental housing, the project addresses market demand for urban living while making efficient use of existing structures.
The new residential program will reconfigure the 24 office suites into 66 apartments spread across six floors. The unit mix includes:
31 studios
24 one-bedroom units
11 two-bedroom units, some with dens
Urbanize Chicago reports that each floor will house 11 apartments, offering a range of layouts that appeal to singles, couples, and small families. In keeping with modern expectations, the basement will be redeveloped into amenity space, including a fitness center and coworking lounge, providing residents with lifestyle-oriented facilities that enhance the living experience.
One of the project’s most notable features is its complete omission of car parking. Instead, the building will provide 35 secure bicycle parking spaces in the basement. This decision reflects the site’s central location and proximity to public transit, supporting the city’s shift toward more sustainable, transit-oriented development. For workers and contractors, this also means reduced emphasis on large garage builds, instead focusing on efficient basement retrofits.
The existing seven-story building, originally designed for office use, will undergo significant interior reconfiguration while preserving its core structure. Adaptive reuse requires precision from trades including:
Demolition and Interior Strip-Out Crews: To safely remove office partitions and systems.
Structural Engineers: To ensure the load-bearing capacity adapts to new layouts.
Mechanical, Electrical, and Plumbing (MEP) Contractors: To replace office-grade systems with residential HVAC, plumbing for kitchens and bathrooms, and upgraded electrical.
Carpenters and Drywall Installers: To build new unit layouts with efficient soundproofing.
Finishing Trades: Flooring, tile, painting, and cabinetry to deliver modern residential standards.
To enable the conversion, the site has been rezoned from DX-5 to DX-5 with a Type 1 zoning amendment. This change allows for:
Zero parking spaces
Zero open space requirements
Zero setbacks
No loading berth
These variances reflect the City Council’s commitment to repurposing existing office buildings, especially as demand for commercial office space softens post-pandemic. For construction workers, this means fewer constraints on exterior alterations and more focus on interior reprogramming and upgrades.
The $18.4 million project will generate significant work across multiple trades and consulting services, from design to final finishes. The adaptive reuse model is labor-intensive, requiring skilled professionals to navigate structural challenges while upgrading to modern building codes. Once complete, the development will contribute new housing stock to River North, helping address the city’s broader housing shortage.
With City Council approval secured, demolition of the remaining office interiors is expected to begin in early 2026. Once vacant, the building will be primed for its transformation into a residential community that blends historic urban fabric with contemporary housing needs. While no firm construction timeline has been set, the project is positioned as a model for sustainable redevelopment in Chicago.
The 223 W. Erie conversion highlights the growing importance of adaptive reuse in Chicago’s real estate landscape. By reimagining a half-empty office building into modern apartments, the project not only revitalizes River North but also supports local trades and construction workers with meaningful work. For residents, it promises new housing options designed for urban lifestyles—proof that old office buildings can find fresh purpose in a changing city.