850 Lake Shore Drive Wins 2014 C.A.R. Good Neighbor Award
May 12th, 2014
Historic Gold Coast building featuring new luxury apartments earns recognition from Chicago Association of REALTORS®
850 Lake Shore Drive, the transformation of the historic Lake Shore Athletic Club building to luxury apartments, has won a Chicago Association of REALTORS® 2014 Good Neighbor Award. The development by Chicago-based Integrated Development Group LLC, in partnership with the National Electrical Benefit Fund, based in Washington, received honors in the Residential/Multi-Unit Renovation category.
Good Neighbor Awards showcase groundbreaking new and newly rehabbed or redeveloped properties in the Chicago metropolitan region that have increased economic vibrancy in their neighborhoods and bolstered local pride. Volunteer judges representing the real estate industry visit each property to help select the winners. Winners are selected based on quality construction, service to a special population, care to complement the surrounding neighborhood, market value and architectural significance.
“Good Neighbor Awards demonstrate how real estate works to build stronger, vibrant communities,” said Matt Farrell, president of the Chicago Association of REALTORS® and managing partner at Urban Real Estate. “This is one of our association’s most important programs because it recognizes properties that exemplify how real estate can positively impact neighborhoods by fulfilling a need, helping the economy and boosting civic pride.”
Built in 1927, 850 Lake Shore Drive originally opened as the exclusive Lake Shore Athletic Club. In 2013, Integrated Development Group unveiled plans to convert the vacant building to Chicago luxury apartments, and a meticulous renovation ensued under the direction of Chicago-based architects Booth Hansen and general contractors Lend Lease and Valenti Builders.
The building recently reopened with 198 modern residences and upscale amenities including a fitness center, indoor pool, business center, rooftop deck and 3,500-square-foot “White Room”, complete with a bar, flat screen TVs and billiards table. The renovation preserved many original features and architectural artifacts, including wood paneling, chandeliers, decorative brass panels, and the building’s richly detailed limestone façade.
“We’re honored to be recognized for this prestigious award. 850 Lake Shore Drive was a unique opportunity to save a building that was significant to the community, and we’re grateful that the real estate industry recognizes the building’s historic value and has been receptive to its new life as luxury rentals in Chicago,” said Matthew Phillips, CEO and President of Integrated Development Group.
850 Lake Shore Drive features more than 60 floor plans ranging from studios to three-bedroom duplexes. Rents range from $2,190 to $12,000 per month. The building is managed by Seneca Real Estate Advisors, with leasing and marketing provided by @properties.
The leasing center at 850 Lake Shore Drive is open from 10 a.m. to 6 p.m. Monday through Friday and 12 p.m. to 5 p.m. on weekends. For more information, visit http://www.850lsd.com or call 312.915.0850.
About The Chicago Association of REALTORS®
The Chicago Association of REALTORS® (C.A.R.) is the Voice of Real Estate® in Chicago since 1883, representing 12,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions and residential sales. Visit us online at http://www.ChicagoREALTOR.com.
About Integrated Development Group LLC
Integrated Development Group LLC (IDG) is a Chicago-based real estate development firm with more than 25 years of combined experience in luxury multi-family communities. The firm’s mission is to create innovative and extraordinary residential communities offering the highest quality service.
About National Electrical Benefit Fund
NEBF is the third largest Taft-Hartley pension fund in the U.S. with more than $12 billion in net assets. The Fund’s financial strength and successful, long-term track record in real estate investment assures the quality and viability of 850 Lake Shore Drive.
Established in 2000, @properties is the No. 1 independent residential brokerage firm in the Chicagoland area and one of the top 20 residential brokers in the U.S. @properties has divisions for residential and commercial brokerage; new-construction sales, leasing and marketing; property management and bank advisory services. For more information, visit http://www.atproperties.com.
Crain’s Chicago Business recently spoke with Integrated Development Group’s Matt Phillips and 850 Lake Shore Drive resident Elizabeth Khazzam about a new trend in real estate: the pied-a-terre rental. The article noted that 850 Lake Shore Drive is one of the latest developments reflecting this trend, with an estimated 12-15 percent of tenants renting pieds-a-terre in the building.Learn more
On May 18, 2014, 850 Lake Shore Drive was featured in the Chicago Tribune’s “Apartment Hunt” column. In the article, reporter Sharon Stangenes praised 850 Lake Shore Drive for its unique history and provided an overview of residence features and availability.Learn more
850 Lake Shore Drive was featured in the April 2014 issue of CS Magazine. In the story, Matt Phillips of Integrated Development Group and Kathleen Ullo of @properties discussed the historical significance of the luxury apartment building, including the historical artifacts that have been incorporated into its interior design.Learn more
In the April 2014 issue of Michigan Avenue Magazine, Matt Phillips of Integrated Development Group and Gail Lissner of Appraisal Research Counselors explained why 850 Lake Shore Drive is “very different from the competition” in terms of the building’s unit sizes, views and character.Learn more
Luxury Apartments On North Lake Shore Drive Combine Modern Amenities, Historic RenovationLearn more