Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Another Magnificent Mile office building could be converted into apartments if the City of Chicago gives approval. A Connecticut developer wants to transform the building at 500 N. Michigan with a plan that would more than 300 apartments to the 24-story building. The conversion plan will be before Chicago Plan Commission later this week, according to the Sun Times. The ground floor and second floor of the building would remain retail. It currently houses a Vans shoe store, a bank branch and Chick-fil-A. The developer says the conversion would happen in two phases and 20% of the units would be available as affordable housing. 

Also, there’s a settlement to report in a case involving the Chicago-based Blue Cross Blue Shield Association and 33 member companies. Listen for more below: