If you’ve been paying attention to the local news, then you’ve probably noticed that an increasing number of commercial structures in or near downtown Chicago are being transformed into residences by real estate firms and developers. Whether it’s a historic loft office building in Streeterville or an old brick manufacturing facility in the West Loop, the city is experiencing a rebirth — or, should I say, a repurposing — of its building stock. Even taxpayers will contribute millions of dollars to convert distressed office towers for mixed-use as part of the LaSalle Street Reimagined program, which hopes to repurpose 1.6 million square feet of vacant space. With more people working from home, there is no need for so much physical office space. When you think about it, the city is sort of repeating itself. Beginning in the 1970s, thousands of loft units were developed in former factories and warehouses in Chicago neighborhoods, such as Printers Row and River North, transforming these neighborhoods into vibrant places where people wanted to live, work, and socialize. The properties listed for sale, all penthouses, were previously used for something else, either as a convent, hotel, or even a suburban courthouse. However, thanks to adaptive reuse, they all now thrive as residential buildings in their respective community areas.
1849 N Hermitage Ave #303, Chicago, $1,070,000
The historic Sisters of the Resurrection convent in Bucktown, originally constructed in 1905, underwent a complete gut rehab in 2013. The nuns are long gone but their home, now known as Urban Treehouse, has been converted into a boutique residential building. This 1,900-square-foot, three-bedroom, two-bathroom penthouse features an open floor plan with exposed brick and soaring ceilings. There is an outdoor deck right off the main en-suite bedroom. The property’s million-dollar asking price includes two parking garage spaces. But there is limited need to drive Wicker Park nearby, public transportation, and the 606/Bloomingdale Trail.
201 Reber St #6, Wheaton, $1,190,000
Who wants to live in a former courtroom? A rarely available penthouse located within the historic DuPage County courthouse is now for sale. This building, constructed in 1896 and in operation until its closure in 1990, risked demolition but was converted into residences in the early 2000s. The stunning Richardsonian Romanesque design is characterized by a red brick exterior. Inside is a spacious condo spanning nearly 3,600 square feet, complete with three bedrooms and three full bathrooms. The property also includes two underground parking spaces, storage lockers, a gym, hospitality suite, and an outdoor pool. Plus, it’s close to the Prairie Path, Metra, and downtown Wheaton.
130 S Canal St Unit 9M, Chicago, $649,000
Originally constructed in the late 1940s by the Florsheim Shoe Company for their corporate offices and showrooms, Metropolitan Place was converted into more than 200 residential units in the late 1990s. This 2,156-square-foot duplex penthouse, featuring a northeast exposure, is designed to feel like a single-family home, with two en-suite bedrooms located on the upper level (there is also a potential guest bedroom or office on the main level). The property includes a 300-square-foot private terrace and comes with 24-hour security, which is covered under its $1,650 monthly HOA fees. It’s conveniently located near the Loop, Union Station, Blue Line, and I-90/94/290.
1300 N Astor St UNIT 28A, Chicago, $895,000
The renovated penthouse atop Bertrand Goldberg’s modernist Astor Tower has been on and off the market for nearly two years. The asking price is reasonable, considering the property’s location in the Gold Coast — but the HOA fees are steep at nearly $2,300 per month. Originally constructed as a hotel between 1959 and 1963, the building was converted into condos 45 years ago. This two-bedroom, two-bathroom half-floor unit boasts floor-to-ceiling views facing east toward the lake and south toward the downtown skyline. It features luxurious finishes such as limestone, marble, and African mahogany. It also has an almost perfect walking score.
1322 S Wabash Ave Ph 6, Chicago, $660,000
Once the Chicago headquarters of the Coca-Cola Company, this building was designed by architect Frank Abbott and built in 1903. Although the original business moved out in 1928, today the structure survives as 86 residential units within Filmwork Lofts, a name that pays homage to its use by Warner Brothers for film storage. It was converted in the mid-1990s, and this particular unit has been on and off the market since May. The two-bedroom, two-bathroom condo is the largest unit in the landmarked building and has recently seen a nearly $30,000 reduction in its asking price. It comes with $822 monthly HOA fees. I personally love the upper-level loft area — a great, flexible space for an office, guests, or lounging.