A joint venture plans to convert Salesforce’s former Midwest headquarters in River North into 153 market-rate apartments.
The JV partners, Path Construction and WindWave Real Estate, paid $17 million for the ground floor and floors five through 10 of the building, located at 111 W. Illinois St. The second through fourth floors will remain occupied by the Erikson Institute, a higher-learning institution.
Chicago-based institutional real estate investment manager Landrock LP made an investment of preferred equity. Mag Mile Capital Inc. helped arrange $10.25 million in joint-venture equity for Path and WindWave.
All told, the project carries an estimated $64 million price tag. The JV noted in a press release that the development represents the first residential-construction project in Chicago since 2023 that does not involve a public subsidy. Renovation work is scheduled to begin this month with deliveries slated for next summer.
“We’re thrilled to launch this incredible redevelopment — not only because it’s a rare opportunity to provide new luxury residences well below replacement costs, but because it is the kind of bold, forward-looking work we want to be known for,” WindWave Managing Partner Jon Cordell said.
The ground floor is currently occupied by Roka Akor and Tarry Coffee. The building was also home to WeWork’s first Chicago location, which will be converted into coworking space for residents.
Other community amenities will include an indoor-outdoor fitness and wellness center, hospitality lounge, outdoor terrace, grilling stations with fire pit, pet spa and indoor bike parking. Residential units will feature oversized windows, 10-foot ceilings, luxury finishes and skyline views.
“This is a thoughtful redevelopment that reflects how buildings can evolve for the next generation,” Path President and CEO Ric Krause said. “Our development team is excited to deliver a concept that blends lifestyle and location in a way that few projects can.”
Cody Huntermark of Cushman & Wakefield represented the seller.
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