Late last week Crain’s Chicago Real Estate Daily reported that the developer of the former Lakeshore Athletic Club at 850 N Lake Shore Dr had secured an $80 million construction loan to complete the conversion of the building to 200 rental apartments.
The Crain’s report contained a major surprise:
“The construction is probably about two-thirds done,” said Integrated CEO Matthew Phillips, adding that the first units will be ready by year-end and the rest completed in first-quarter 2014.
The project will come to market during what’s traditionally a winter lull in Chicago’s rental market, and will be competing with two other recently-opened Streeterville projects: 500 Lake Shore Drive and Optima Center.
We’ve updated the status of 850 LSD on our list of new downtown apartment projects.