Kiser Group Lists South Loop Office-to-Residential Conversion Opportunity at 1006 S Michigan Ave

Kiser Group has been retained to market a fully entitled office-to-residential conversion opportunity at 1006 South Michigan Avenue in Chicago’s South Loop on behalf of Time Equities and JK Equities. The assignment is being led by Andy Friedman of Kiser Group and offers developers the opportunity to acquire a project with key approvals already in place.

The eight-story historic loft building is approved for 49 residential units, consisting primarily of one- and two-bedroom floor plans, many with dens, above approximately 4,000 square feet of ground-floor retail. The offering also includes an estimated $2.5 million to $3 million in historic tax credits, secured zoning and land-use approvals, and completed floor plans that preserve many of the property’s original architectural elements.

Friedman described the opportunity as “development in a box,” reflecting the extensive entitlement and design work already completed. With major predevelopment milestones addressed, the project allows a buyer to focus on execution rather than navigating a lengthy approval process.

Originally acquired by Time Equities and its partners in 2015, the property also played a strategic role in the development of the adjacent residential tower by providing access to air rights and the neighboring alley. Since then, portions of the property have been monetized through the sale of air rights and excess land, further shaping the site’s current redevelopment opportunity.

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