Press Release - December 2007
Integrated Development Group Announces Plans to Renovate Former Lake Shore Athletic Club Building at
850 North Lake Shore Drive
Historic building to be transformed to meet the market need for senior housing
Integrated Development Group (IDG) LLC and 42nd Ward Alderman Brendan Reilly today announced plans for an $80 million renovation of the former Lake Shore Athletic Club at 850 North Lake Shore Drive in Chicago’s Streeterville neighborhood. The building, which faced potential demolition a mere six months ago, will be transformed into luxury senior residences to meet a market demand for upscale senior living.
IDG, a Chicago-area developer of luxury senior living projects, 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.
“This project is a big win for the Streeterville neighborhood, the preservationist community and the City of Chicago,” said Alderman Brendan Reilly, 42nd Ward. “We are very pleased to have been able to preserve the vast majority of the exterior of the building and some of the interiors that are both architecturally significant and steeped in Chicago history. Further, we are meeting a market need and placing a long-vacant property back on the City’s tax rolls.”
The 17-story, 374,000 square foot high-rise building will feature 139 luxury residential dwellings, including 11 assisted living units. It will also include several on-site amenities, such as fitness and wellness facilities, valet parking, salon/spa, dining and a theater.
“Clearly there is a need for seniors to have more living options and we are thrilled to bring this much-needed amenity to Chicago’s Streeterville neighborhood,” said Matt Phillips, president of IDG. “Although most of the interior will be renovated to bring the building up to modern living standards, we plan to restore the two main social rooms of the former Club – the two-story wood paneled lounge and the two-story banquet room.”
The proposed renovations for the property fall within the current city zoning guidelines for the 850 North Lake Shore Drive location.
“We will continue to work closely with the City of Chicago, community residents and preservationists 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.
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 the Boom-agers.™ 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 development project in Briarcliff Manor, NY, known as The Club at Briarcliff Manor.
