If you thought Streeterville was getting played out and there wasn’t much left to convert or build on in those crowded parts, think again: Northwestern University is selling its property at 850 N Lake Shore Drive, according to a story in Crain’s Chicago Business (image from archiseek). The 17-story building currently houses an athletic club, but is zoned for up to 200 residential units.
Crain’s goes on to say that a year ago, a condo conversion would have been a no-brainer, but now that the condo market has slowed and the rental market is tight, perhaps someone will turn it into an apartment building, instead. That said, Yo’s truly can’t imagine a building in this location not doing fairly well. It’s not often that buildings become available along LSD – there are new-construction units at 600 N Lake Shore Drive, and converted units at RDM’s 1400 Lake Shore Drive. If RDM has any units left, the developer should be concerned at a potential debut by 850.