The Commission on Chicago Landmarks' permit review committee Thursday endorsed Horner's plans to replace four skylights in the building's gable roof with recessed balconies as well as its design for a parking garage on the second through fifth floors in the rear of the building, which offers views of Millennium Park, Lake Michigan and the Art Institute. The entire conversion will cost $30 million, Horner tells GlobeSt.com. His Monroe Building, LLC paid $22 million for the 200,187-sf asset in the Historic Michigan Boulevard District, according to US Equities Realty. New Century Bank holds a mortgage, says Horner, who plans to begin pre-sales July 15.

"This is quite a change," says Ben Weese, chairman of the permit review committee. "It's a nice way to save a building."

The building at the southwest corner of Michigan Avenue and Monroe Street includes a terra cotta lobby, which will be preserved during the conversion. "It certainly was an attraction," Horner says of the building's historic features. "I think buyers will really be impressed."