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!
Issue link: http://www.ifoldsflip.com/i/297393
PHOTOGRAPHY BY MARIAN KRAUS I n a city renowned for its historic buildings, what becomes a legend most? The luxury treatment, of course, ideally coupled with adaptive reuse. That tried-and-true formula has been especially successful in Streeterville; the first edifice in the area to get the swan transformation was the American Furniture Mart (currently known as 680 North Lake Shore Drive) in the mid-'80s, followed by the Palmolive Building in the mid-'oughties. Now the Lake Shore Athletic Club—rechristened with just its address, 850 North Lake Shore Drive, like many other g rand buildings that line the boule - vard—is joining this exclusive group of regal residential properties. A ll are kindred st ructures: architecturally sig nificant buildings with sensitively conserved exteriors and resourcefully adapted interiors; note- wor t hy Ch icago a rch itect u ra l f ir ms beh ind t heir ma keovers ( Loha n Associates did 680, while Booth Hansen did 850 and the Palmolive); and expansive apartments, thanks to the high ceilings and deep f loor plates dictated by the commercial codes that originally governed their design. But unlike its predecessors, 850 ref lects a new world order, filling a post- recession marketplace need: Its 198 units are for rent rather than sale. "No one has this product," says Matt Phillips, CEO of Integrated Development Group and the visionary behind the project. "It's a new format in Chicago." Phillips is spot-on. "This property is very different than the competition," adds Gail Lissner, vice president of the real estate consultancy Appraisal Adapting a Legend A REMNANT OF THE PREWAR LUXE LIFE GETS A FITTING 21STCENTURY MAKEOVER. BY LISA SKOLNIK The former Lake Shore Athletic Club is now a grand residential building with gracious public spaces. continued on page 158 MICHIGANAVEMAG.COM 157 Haut e P roperty NEWS, STARS, AND TRENDS IN REAL ESTATE 157-158_MA_HP_Opener_May/June_14.indd 157 4/14/14 12:55 PM