What would you do with this value-add

[Jeremy W.]

A friend of mine is selling a mixed-use building in the suburbs of Chicago. 

It is an interesting case because it is TRULY mixed use right now. Retail on the ground, apartments on 2 floors, and a "ballroom" on the last floor. 

The question for you creative investors is...what is the highest value conversion we can do with the ballroom? The obvious answer would be to convert it to more apartments, but are there any better options? 

Looking for the best creative and financial-return ideas.  Thank you!