A historic building at 65 E. Wacker Place in Chicago is set to begin a new chapter as a residential development with 252 apartments, with the first residents expected to move in this August. The building, known historically as the Millinery Mart Building, has a nearly century-long history as a center for women’s hat manufacturing and later as office space for Esquire magazine.

The terra cotta, limestone, and brick-clad structure was designed in 1928 by Rissman & Hirschfeld, now FitzGerald Associates Architects, to serve as a hub for the millinery industry. At its peak, the building housed approximately one-third of Chicago’s millinery wholesalers. Today, it occupies a prominent place in the Michigan-Wacker Historic District.

Chicago-based Mavrek Development and Cross Street, together with capital partner ACRES Commercial Realty, are leading the $106 million conversion project. The redevelopment has been underway since September 2025 under the management of McHugh Construction. Historic tax credits totaling $17 million have supported the transformation, according to Mavrek’s director of operations and communications, Alicia Frame.

The building’s residential floors, spanning the fourth through 24th levels, will each contain 12 apartments. Floor plans include studios, convertibles, and one- and two-bedroom units, with rents starting at $2,195 per month. Of the total units, 51 will be designated affordable housing in compliance with Chicago’s Affordable Requirements Ordinance. Apartments will feature in-unit washers and dryers, quartz countertops, and high-end appliances.

Efforts have been made to preserve and highlight the building’s historic character throughout the renovation. For example, an ornate original door has been repurposed as the entrance to the fitness center on the third floor. The lobby will retain a decommissioned U.S. Postal Service mail chute, and original blueprints and artifacts discovered during construction are planned for display within the residential common areas. The Wacker Place floral logo echoes terra cotta flowers that adorn the building’s exterior.

Residents will have access to a range of amenities including a fitness center with a yoga studio, a coworking lounge, and a resident lounge featuring a fireplace and demonstration kitchen. The 25th floor, formerly home to an exclusive “card room,” is being redeveloped into a rooftop lounge offering panoramic views of Lake Michigan, the Chicago River, and landmarks such as the Carbide & Carbon Building.

Morton’s The Steakhouse occupies the building’s first two floors and will remain the sole commercial tenant after the conversion is complete.

The Wacker Place redevelopment aligns with a broader trend in Chicago’s central business district, where a surge in office-to-residential conversions is underway. The city reports 25 such projects currently in progress downtown, collectively adding nearly 4,000 housing units and repurposing approximately 4 million square feet of vacant office space. Unlike some initiatives benefiting from city funding, this project’s progress has been comparatively swift due to the absence of such subsidies.

Cross Street’s vice president of leasing and management, Erin Higgins, noted strong demand during the pre-leasing phase, with the building expected to be fully delivered by November 2026. The project reflects both a preservation of Chicago’s architectural heritage and a response to changing urban housing needs in the city’s core.