Marc Realty Residential, an investor in apartment properties, has just obtained a permit to move forward with its plan of converting a shuttered office building in the South Loop into residences and retail. The company purchased the 146,088 square foot building almost exactly a year ago, and plans to outfit the vacant office building with 65 residential units and ground level retail and parking. The old building appears to ripe for loft-style residential units, and although there's no confirmation about whether the building will be apartments versus condos, one can almost guarantee that these units will be rentals. Spring has been good to the South Loop so far, as the neighborhood will soon be receiving Chicago's first condo tower in years, some new townhouses, this new development, and possibly much more in the coming years.
· 2036 S. Michigan Office Building to Become Residential and Retail Space [Sloopin]
· Apartment investor buys South Loop office building [Crain's]