This was a once-in-a-lifetime opportunity not only to save a historic, architecturally significant building, but also to create a marquee apartment community in one of Chicago’s most iconic locations, right on Lake Shore Drive.
Chicago, IL (PRWEB) January 08, 2014
A partnership of Chicago-based Integrated Development Group LLC (IDG) and the National Electrical Benefit Fund (NEBF), based in Washington, D.C., announced that leasing has begun at 850 Lake Shore Drive, the transformation of the historic Lake Shore Athletic Club in Chicago to luxury apartment residences.
Apartments are available for immediate occupancy at the 198-unit apartment community located at the southwest corner of Lake Shore Drive and Chestnut Street, where the Gold Coast meets Streeterville.
The community features a wide variety of floor plans, ranging from studios to three-bedroom duplexes, offering 772 to 3,794 square feet, with rents ranging from $1,990 to $12,000 per month.
Apartments include hardwood flooring in living areas, 9-foot to 14-foot ceiling heights, in-unit washer and dryer, and marble and porcelain baths. Kitchens include granite countertops, Bosch stainless steel appliances and Brookhaven by Wood-Mode cabinetry. Many apartments offer views of Lake Michigan. 850 Lake Shore Drive also meets the environmental and energy-efficiency standards required for LEED certification by the U.S. Green Building Council.
The building also offers a number of upscale amenities, including a landscaped roof deck and garden; state-of-the-art fitness center; indoor swimming pool and whirlpool spa; 24-hour doorman; business center; dog run; and a two-story 3,500-square-foot lounge called the White Room, overlooking Lake Michigan, and featuring seating areas, a bar, a billiards table and flat screen TVs.
The White Room, known as the Mediterranean Room when the Lake Shore Athletic Club was in operation, is one of many original architectural features preserved in the redevelopment of 850 Lake Shore Drive. Other restored or reclaimed features include wood paneling and doors and a limestone fireplace salvaged from the club’s Oak Room, chandeliers, decorative brass panels, and the building’s richly detailed limestone façade.
A Rich History
Designed by renowned Chicago architect Jarvis Hunt, 850 Lake Shore Drive opened as the Lake Shore Athletic Club in 1927 and hosted the 1928 Olympic swimming trials in which gold medalist and future Hollywood star Johnny Weissmuller qualified for the Amsterdam games.
In the 1970s, the building was purchased by Northwestern University; but by the early 2000s, 850 Lake Shore Drive was vacant and facing demolition. IDG prevailed in a bid to acquire and redevelop the property and worked with Chicago-based architecture firm Booth Hansen on a multi-year renovation.
“A Building With Caché”
“This was a once-in-a-lifetime opportunity not only to save a historic, architecturally significant building, but also to create a marquee apartment community in one of Chicago’s most iconic locations, right on Lake Shore Drive,” said Matthew Phillips, CEO and President of Integrated Development Group LLC. “850 Lake Shore Drive perfectly balances the building’s unique history with the modern living spaces and amenities coveted by today’s luxury renters.”
“With all of the new apartment development occurring in downtown Chicago, 850 Lake Shore Drive offers the luxury renter something totally unique: a beautiful, historic building with large apartments. It’s a building with instant caché,” said Kathleen Ullo of @properties, exclusive leasing agent for 850 Lake Shore Drive.
“Besides being a beautiful building and an incredible place to live, 850 Lake Shore Drive is a great project for the City of Chicago,” said Daniel Butler, senior portfolio advisor for NEBF. “We have taken a relic of the city’s past and given it new life. We’re incredibly proud to be a part of this development.”
Residents of 850 Lake Shore Drive have direct access to the lakefront; an assortment of parks including Lake Shore Park; cultural attractions; and upscale shops and restaurants along Michigan Avenue. The building is also within walking distance from the Northwestern Memorial Hospital campus and the Ann and Robert H. Lurie Children’s Hospital of Chicago.
For property information on 850 Lake Shore Drive, visit http://www.850lsd.com or call 312.915.0850.
About Integrated Development Group LLC:
Integrated Development Group LLC (IDG) is a Chicago-based real estate development firm with more than 25 years of combined experience in luxury multi-family communities. The firm’s mission is to create innovative and extraordinary residential communities offering the highest quality service.
About National Electrical Benefit Fund:
NEBF is the third largest Taft-Hartley pension fund in the U.S. with more than $12 billion in net assets. The Fund’s financial strength and successful, long-term track record in real estate investment assures the quality and viability of 850 Lake Shore Drive.
Established in 2000, @properties is the No. 1 independent residential brokerage firm in the Chicagoland area and one of the top 25 residential brokers in the U.S. @properties has divisions for residential and commercial brokerage; new-construction sales, leasing and marketing; property management and bank advisory services. For more information, visit http://www.atproperties.com.
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