Two Chicago firms are nearing completion on an office-to-residential conversion in a River North building that used to be home to Salesforce.<\/p>\n
Chicago-area firms Path Construction and WindWave Real Estate will welcome the first residents to 111 W. Illinois St.<\/a> on May 22. Construction, which started in August 2025, continues on the building\u2019s upper floors, and the entire property is expected to be complete July 1.<\/p>\n The $64.5 million project, called 111 Point, is one of seven office-to-residential conversions under construction in Chicago, according to data from CoStar. <\/p>\n River North has become a hotbed for conversion projects as nearly a quarter of office space in the neighborhood remains vacant, data from commercial real estate firm Bradford Allen shows.<\/p>\n Path and WindWave want 111 Point to feel like a place of respite in the city, with amenities like a Peloton cardio and weight studio and an all-season wellness terrace featuring a sauna and hot tub.<\/p>\n \u201cYou can live in the heart of Chicago, but you\u2019re in a sanctuary,\u201d said Jack Tse, Path Construction\u2019s director of development. \u201cAs a theme, that was important to play on.\u201d<\/p>\n A joint venture between Path and WindWave purchased the upper floors of the former office building for nearly $17 million, Cook County property records show. <\/p>\n Jack Tse, director of development at Path Construction (from left), Richard Krause, president and CEO at Path Construction, and Jon Cordell, managing partner at WindWave Real Estate, on the patio of their River North development at 111 W. Illinois St.<\/p>\n<\/figcaption><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n With an office conversion, developers are constrained by the building\u2019s floor plates, or width. Wider office buildings can be a struggle to convert because the center of the floors can be too far away from windows and natural light.<\/p>\n At 111 Point, the floor plates were one of the selling points, according to WindWave Managing Partner Jon Cordell. The building dimensions allowed for windows and natural light in each unit, along with massive walk-in closets. Each unit also boasts ceilings at least 10 feet tall, making even the roughly 500-square-foot studios feel spacious.<\/p>\n \u201cI think the trend of new construction is smaller and smaller units,\u201d Cordell said. \u201cWhen you\u2019re inheriting an existing floor plate, you have the luxury of using all of it.\u201d<\/p>\n The developers \u201cdidn\u2019t spare any expense\u201d with the units, Cordell said. Each apartment has high-end Kohler fixtures, in-unit laundry and smart thermostats.<\/p>\n \u201cIt\u2019s really condo quality,\u201d he said.<\/p>\n The property offers studios, one-bedrooms, including those with dens, and two-bedroom units. Units are on floors five to 10, with some of the larger units on the 10th floor with taller ceilings and direct access to one of the building\u2019s terraces.<\/p>\n Rents range from about $2,300 for a studio up to $4,900 for a two-bedroom.<\/p>\n Cordell said pre-leasing just started and it\u2019s \u201cgoing great,\u201d with a handful of leases already inked.<\/p>\n Ground floor retail tenants Roka Akor and Tarry Coffee are staying in the building, along with the Erikson Institute, a graduate school on floors two to four.<\/p>\n The office portion of the building has largely been vacant since Salesforce departed for its namesake tower on Wolf Point, where it moved in 2023.<\/p>\n The former WeWork turned Industrious coworking space was also a big boon to Path and WindWave. The developers kept much of the infrastructure \u2014 like enclosed conference and phone rooms \u2014 for its own coworking lounge, a now highly sought-after amenity in many apartment buildings. The coworking lounge will include private rooms, open seating and a podcasting studio, when complete.<\/p>\n
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