The Oriental Theater office tower looks like it will be definitely be receiving some new apartment units. 230 of them. Developer John Murphy, who emerged victorious over the purchase of the old building last autumn (which is separate from the Oriental Theater on the ground level), is moving forward with plans to convert the 240,000 square foot building into rental units. The plan to turn the 26 story tower into apartments was initially proposed by Christopher Carley and his Fordham Company, but Murphy swooped in with a bid on the building, along with the plan to convert it to rentals. After some back and forth on unit numbers, Murphy has settled with the originally planned 230 apartments for the building, and according to Crain's is currently working on getting construction loans squared away.
· Planned Loop apartment conversion takes a step forward [Crain's]
· Prospect of Another Office-To-Apt Conversion Lands Downtown [Curbed Chicago]