Press Release - February 2008
Integrated Development Group Announces Final Sale, Future Development Plans for 850 North Lake Shore Drive Property
Luxury senior living community planned for historic Streeterville site
Chicago, IL – Integrated Development Group (IDG) LLC announced today it has purchased the former Lake Shore Athletic Club building at 850 North Lake Shore Drive in Chicago. IDG will transform the building into a luxury senior living community along Chicago’s lakefront in Streeterville, while maintaining the building’s historic character.
When the renovation is complete, the 17-story, 374,000 square foot high-rise building will feature 139 luxury residences, including 128 independent living and 11 assisted living apartment homes. It will also include several on-site amenities, such as state of the art fitness and wellness facilities, spa, valet parking, multiple dining venues and a theater.
IDG, a Chicago-area developer of luxury senior living communities, and Northwestern University agreed to terms in late September related to the purchase of the building, which was designed by famed architect Jarvis Hunt and completed in 1927. IDG has retained Booth-Hansen, the Chicago-based architect for the recently renovated Palmolive Condominium project, also in Streeterville, to design the interior spaces and units.
“We’re thrilled to close on the sale and are eager to introduce our plans for this community to the Chicago market,” said Matt Phillips, President & CEO of IDG. “Clearly there is a market for seniors who are looking for luxury living options in Chicago. It’s our privilege to have an opportunity to develop such a significant property in this premier location.”
Last month, IDG and 42nd Ward Alderman Brendan Reilly publicly announced plans for the development of the property, saving it from potential demolition.
“Streeterville is one of Chicago’s most well established mixed-use neighborhoods in the city,” said Phillips. “Residents of 850 North Lake Shore Drive will appreciate its unobstructed views of Lake Michigan and its proximity to high-end shopping on the Magnificent Mile, Chicago’s Museum Campus and countless restaurants and entertainment venues.”
The 850 North Lake Shore Drive property is treasured by Chicagoans, historians and architecture enthusiasts.
“Our focus remains to ensure that this property not only maintains its historic roots, but becomes a world-class development that will meet the demand for senior living and improved economic opportunity for the City of Chicago,” said Phillips. “We know the building’s rich history will be an asset to the Streeterville community and beyond.”
About Integrated Development Group LLC
Integrated Development Group LLC is a real estate development firm dedicated to creating the next generation of luxury senior living to address the ever growing needs of seniors. Matt Phillips, formerly head of development for Classic Residence by Hyatt, has partnered with the National Electrical Benefit Fund (NEBF), a Washington, DC based pension fund, to redevelop 850 North Lake Shore Drive. IDG and NEBF are also partners on a luxury senior housing community under development in Briarcliff Manor, NY, known as The Club at Briarcliff Manor.
