Once home to Chicago-based Ebony and Jet magazines, South Michigan Avenue’s 11-story Johnson Publishing Building is preparing to start its transformation from office space to 150 rental apartments. Today, developer 3L Real Estate announced that it has acquired the old building from Columbia College and expects to start work on the conversion in early 2018.It's not a surprise that more and more residential living options are coming to the Sloop given all the reasons we love living down here. That being said, it seems like an insane amount of inventory will be available in the next 3-5 years.
Built in 1971, the tower was designed by John Warren Moutoussamy, an architect who studied under Mies van der Rohe at the Illinois Institute of Technology. The tower represents the first and only downtown Chicago high-rise to be designed by an African American. Vacant for the past seven years, Johnson Publishing was designated a city landmark earlier this fall.
Its new owners intend to leave the tower’s iconic Ebony/Jet sign at the building as well as add a new rooftop deck. The 150 unit mix of studio, one-, and two-bedroom apartments will average over 500 square feet and rent for between $1,200 to $2,700 per month, says the developer.
Even if there is a bubble, we favor this type of activity versus a more cautious approach. Having more and more living options will naturally mean more people and more neighborhood amenities (shopping, restaurants, etc).
All that being said...traffic congestion is a huge concern...
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