Chicago Construction News staff writer
A joint venture between Path Construction and WindWave Real Estate has acquired the upper stories of 111 West Illinois Street in Chicago’s River North neighborhood and will convert the property into 153 new luxury apartments. Path Construction and Ric Krause serve as the majority and managing partners on the project.
The property was acquired for approximately $17 million, marking what the joint venture believes to be the first residential construction project in the city since 2023 not involving public subsidy, and adding much needed housing stock without taxpayer expense. Construction on the $64 million renovation is slated to begin in June, with the goal of being open for residential living by Summer 2026.
“This is a thoughtful redevelopment that reflects how buildings can evolve for the next generation,” says Ric Krause, President/CEO of Path Construction. “Our development team is excited to deliver a concept that blends lifestyle and location in a way that few projects can.”
Located in the heart of River North, the 10-story building includes ground-floor retail—currently occupied by Roka Akor and Tarry Coffee—and was previously the Chicago headquarters of Salesforce and also home to WeWork’s first Chicago location.
The acquisition does not include the property’s second through fourth floors, which will remain owned and occupied by the Erikson Institute, a leading institution of higher education preparing professionals to address the urgent challenges facing young children, their families and communities.
“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,” said Jon Cordell, Managing Partner at WindWave Real Estate.
Building amenities will be centered around wellness and hospitality, including an indoor-outdoor fitness and wellness center, a hospitality lounge, an outdoor terrace, grilling stations and a fire pit, a coworking space converted from the former WeWork offices, a pet spa, and abundant indoor bike parking.
