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$30M Will Convert Office Building to Condos

CHICAGO-The 200,187-sf asset at the southwest corner of Michigan Avenue and Monroe Street offers views of Millennium Park, Lake Michigan and the Art Institute. Prices for 96 condominiums will range from $200,000 to $2 million.

By Mark Ruda | Updated on June 02, 2005

CHICAGO-No longer viable as an office property, a Michigan Avenue office building is being converted to 96 condominiums. Developer Bob Horner tells GlobeSt.com he hopes to have units, which will range from $200,000 to $2 million, ready for occupancy at 104 S. Michigan Ave. in June 2007.

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.

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