This office-to-luxury rental deconversion just got a big loan

Luxe Residential is transforming a century-old Loop office building into 211-unit complex

Dec.December 05, 2019 03:00 PM
Renderings of Millennium on LaSalle  

Renderings of Millennium on LaSalle

A developer of upscale apartments secured a $73.5 million loan for the long-awaited conversion of a century-old office building in the Loop into a 211-unit luxury apartment complex.

Luxe Residential secured the three-year mortgage for the building at 29 South LaSalle Street, records show. Barings provided the debt on the 13-story building, which will include 7,000 square feet of retail space.

When it was completed in 1902, the building was known as the National Life Building, and most recently Barrister Hall.

Work appears to be nearing completion on the project, dubbed Millennium on LaSalle. It will consist of 113 studio units and 98 one- and two-bedroom units. Monthly rents range from $1,860 for a studio to $6,500 for a two-bedroom, according to the development’s website.

In Chicago, investors have paid big money to deconvert condo buildings into apartments, but doing the same with office to apartments is not nearly as common.

Florida-based Luxe Residential — which includes Dolce Living Communities Residential — had set the opening for the building’s conversion for the fall, but it appears that hasn’t happened yet. The property has partially passed a new construction inspection earlier this month, records show, indicating the renovation is nearly complete.

Dolce Living bought the building for $12.9 million in January 2015, according to Crain’s. Chicago-based firm FitzGerald Associates Architects designed the conversion. The city approved the first construction permit on the conversion in early 2017, according to reports at the time.

An amenity floor added to the top of the building called for a pool, lounge, fitness room, dog run and rooftop deck. The basement was expected to include a large screening room, along with a musical practice space with recording booth, and a dog wash room.

Luxe Residential and Dolce Living did not respond to requests for comment.

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