Almost exactly a year after Crain’s Chicago Business speculated it might happen, the Insurance Center Building (330 South Wells Street) is flipping from office to residential use.
The 16-story building was purchased a year ago by a unit of Marc Capital Realty for $10 million. But it won’t stay 16-stories for long.
The City of Chicago has approved plans to add a 17th floor onto the building. This will serve as common space for the new residents of the building, which will eventually have 132 studio apartments.