Metropolitan Tower is one of a couple new conversions currently underway along Michigan Avenue across from the sprawling downtown park system. The Friends of Downtown this spring gave developer Metropolitan Properties of Chicago an award for “Best Adaptive Reuse” for its work on the Graham, Anderson, Probst & White-designed building at 310 S Michigan Ave, which was built in 1924 and holds the distinction of being the first high-rise in Chicago with more than 30 floors.

The tower’s Web site is still advertising a recent round of closeout reductions, which ratcheted prices on remaining one-, two-, and three-bedroom homes by 17 to 34 percent. Prices of the developer-marketed homes currently range from the $240s for a 762 square-foot one-bedroom / one-bath with city views (i.e., not a view out onto Michigan Avenue, Grant Park, and Lake Michigan) to the $640s for a 1,593 square-foot three-bedroom / 2.5-bath with eastern exposures.

Along with the 13 resales currently listed at Metropolitan tower (which range from the $270s for a one-bedroom up to $1.7 million for a four-bedroom), there are a few rentals showing up on the MLS. They include:

• One-bedroom / one-baths from $1,500 to $1,800 a month
• Two-bedroom / two-baths for $2,650 a month
• Three-bedroom / 2.5-baths from $3,500 to $6,500 a month

For the rehab, Metropolitan Properties added a sun deck, event room and fitness center to the tower. Building services include a 24-hour door staff, dry cleaning valet service, on-site management, and around-the-clock maintenance.