CHICAGO (June 4) – 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. Chicago-based institutional real estate investment manager Landrock LP is backing the project with an investment of preferred equity.
The joint venture has also acquired and will continue to operate the building’s ground-floor retail space. 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. Residential units will feature oversized windows, 10-foot ceilings, luxury finishes, and many unobstructed views of the iconic Chicago skyline.
“We believe in the long-term future of Chicago, and this project puts us at the forefront of creative value creation for our partners and the City, when local multifamily fundamentals are leading the nation,” adds Cordell.
The seller was represented by Cody Huntermark of Cushman & Wakefield.
About Path Construction:
As a general contractor, and developer, Path Construction specializes in everything from ground-up builds to major renovations, with expertise in design/BIM services, construction management, self-perform capabilities, and a multitude of co-development services. Our team is dedicated to incorporating sustainable and environmentally conscious practices, ensuring we contribute to a greener future.
About WindWave Real Estate
WindWave Real Estate is a real estate investment and development firm focused on transformative urban projects across major U.S. cities. We invest, develop and provide advice for multifamily, office, and targeted sector projects to create outsized returns for our partners, our occupants and the planet. We are stewards of Real Property serving institutional investors, accredited investors and lenders.
Curious about what’s next for 111 W. Illinois? Our adaptive‑reuse project is already making headlines!
Discover how we’re transforming the former Salesforce building in River North:
📰 Urbanize Chicago – Office‑to‑residential conversion planned for 111 W. Illinois
📰 Crain’s Chicago Business – Former Salesforce offices could become apartments
📰 Chicago Sun‑Times – Salesforce office to be converted into luxury apartments
📰 CoStar – Local firm plans office‑to‑apartment conversion in River North
📰 Chicago Construction News – Salesforce tower in River North to be converted into apartments
📰 Chicago YIMBY – Details revealed for residential conversion of 111 W. Illinois Street
