February 4, 2008 - The iconic Lake Shore Athletic Club sale was finalized this past Friday. This deal, which will involve the preservation and redevelopment of the Club, was preferable to most people than the previous one which called for tearing down the historic building.

Fifield Co. had planned to purchase the Club for slightly more than the current selling price and knock down the 17 story structure in favor of building a condominium. Too many objections from an Alderman and concerned citizens kept that deal from going through.

The Club will now get a new lease on life with Integrated Development Group, who bought the building along with National Electrical Benefit Fund, and be turned into a luxury senior living complex according to an article in Crain’s. Integrated paid nearly $40 million for the Northwestern University property and plans to spend an estimated $80 million on redevelopment. When the work is done sometime in 2011 there will be a wellness center, spa and theater to go with the 11 assisted living and 128 independent living apartments. Those units will be offered for sale sometime this coming summer.

Though they’re not a large percentage of All Condos for Sale in Chicago, assisted senior living units are definitely a bigger portion of the housing market than they once were.

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This entry was posted on Monday, February 4th, 2008 at 11:54 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.