ML - Michigan Avenue

2014 - Issue 3 - May/June

Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!

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PHOTOGRAPHY BY MARIAN KRAUS LEFT: The building's commercial past gives its apartments elegantly high ceilings. ABOVE: The entrance of the restored Beaux Arts structure. Research Counselors. "The other new develop- ment taking place is generally very contemporary, with a younger orientation, lots of smaller units, and not on Lake Shore Drive. But this property ha s la ke v iews, lot s of la rge apa r t ment s, a nd unique, character-rich spaces." Indeed, these residences come with lavish fix- ings and finishes, a coveted amount of space, and cosseting amenities, including fitness facilities, an impressively large pool, and a landscaped roof deck with gas grills. The units average 1,300 square feet and boast nine- to 14.5-foot-high ceilings. At 772 to 900 square feet and $2,290 per month and up, the five studios are larger and more costly than most one-bedrooms; the largest apartment is a 3,800 -square-foot duplex for $12,000 a month. In truth, the 1927 building—a patrician, classi- ca lly det a iled number w it h g racious public spaces and top-drawer athletic facilities (Olympic gold medalist and movie star Johnny Weissmuller t ra ined in t he posh pool), desig ned by noted Chicago society architect Jarvis Hunt—narrowly escaped t he w reck ing ba ll a nd a subsequent pla n to t u r n it into lu xu r y condos for seniors. "Northwestern University bought it in the 1970s for student housing, then put it back on the block in 2007," says Phillips, "but Fifield Realty won the request for proposa ls, a nd t hey were going to tear it down and build condos." (At the time, his company was one of the losing bidders.) Fortunately for Phillips, the historic building was coded orange and thus subject to the city's Demolition Delay Ordinance, which gives citizens a period in which to comment on a developer's plans. "When I read that there was a lot of local public support during that waiting period to save the building," he says, "I contacted Northwestern and reminded them of my intention to do an adap- tive reuse and turn it into luxury senior housing." His tenacity paid off. In 2008, Northwestern accepted his bid. But two years later, with construc- tion drawings in hand, Phillips found it impossible to secure financing for the project because the market had tanked. But he knew he had a "special and incredibly valuable asset," he says, and was determined to "find a way to save it." A proposal to turn the building into luxury rentals did the trick. Wit h a new pla n, t he a rch itect s had to add more units. "The condos were designed to be big- ger and have more double-height spaces," says Booth Hansen principal George Halik. "We had to subdivide them with new f loor slabs to fit in more units. And to garner more lake views, we moved the double-loaded corridors on the upper f loors to the back of the building." That made the apartments extra-deep, "which led to 64 unique f loor plans." Yet while "the units are modern in concept," Halik adds, "the building's detailing is consistent with the historic exterior." With its posh apartments and classy trappings, "they're aiming at pretty high-level renters, and getting them," he notes. "People want exclusivity, and this fills that need." Still, the remarkably high caliber of the project raises the obvious question: Will 850 go condo someday? No one will say, but it's clear that a conversion would be one indica- tion of a full market recovery. 850 Lake Shore Dr., 312-915-0850; 850lsd.com MA continued from page 157 RARE BREED Vintage Chicago homes are a prize worth waiting for. Renting a grand apartment in a historic Chicago building is a privilege for the very few. "There are only a handful of options that haven't turned condo besides 850," says Baird & Warner broker Robert Shearer (312- 909-8641), a luxury rental specialist and himself a North Lake Shore Drive renter. Also, these units rarely turn over. "I got my own because I knew the people living there before me for 35 years," he says. For the patient and persistent, here's where to look. 1420 North Lake Shore Drive, a 1929 Gothic Revival building managed by DK Living (312-951-0229), sports just two cavernous apartments per floor. 70 East Walton Residences, a "petite" high-rise also managed by DK Living (312-787-8080, ext. 1), is vintage on the outside, new inside, and offers short- term rentals with concierge services. 3240, 3260, and 3270 North Lake Shore Drive and 3000 North Sheridan Road are all vintage grande-dame high-rises with spacious units, man- aged by Wirtz Realty (312-943-7000). The waiting times are often lengthy— with the longest by far at 3240. 158 MICHIGANAVEMAG.COM HAUTE PROPERTY 157-158_MA_HP_Opener_May/June_14.indd 158 4/14/14 12:55 PM

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