Residential conversions gain steam with sale of two downtown office buildings — plus another deal in the works

April 14, 2026 - 02:53

In a significant move highlighting the ongoing transformation of urban cores, two prominent downtown office buildings have been purchased for conversion into residential apartments. The deal, closed by Concord Capital, signals continued momentum for adapting older commercial spaces to meet housing demands.

The acquisition includes the historic Pontiac Building, a notable structure in the Printer's Row district, and an adjacent loft office property. Both buildings are now poised to be repurposed into modern apartment units, adding new residential options to the city's downtown landscape. This project aligns with a growing national trend of converting underutilized office stock into housing, a shift accelerated by changing work patterns and a persistent need for more urban living spaces.

Industry sources also indicate that an additional, separate conversion deal for another downtown property is currently in negotiation stages. If finalized, it would further bolster the wave of residential redevelopment projects taking root in the city's commercial heart. These conversions are viewed as a dual-purpose solution, addressing both the softening office market and the critical demand for housing, while simultaneously preserving the architectural character of historic buildings. The specific number of units and project timelines for the newly acquired properties are expected to be announced in the coming months.