A New Chapter for Chicago's Iconic 850 Lake Shore Drive

The historic 850 Lake Shore Drive tower in Chicago is embarking on an exciting new chapter, transforming from luxury apartments into sought-after condominiums. This conversion marks a significant shift in the city's real estate landscape, offering a unique opportunity for homebuyers to own a piece of Chicago's architectural legacy while enjoying modern amenities and breathtaking views.

Built in 1927 as the Lake Shore Athletic Club, this 19-story Beaux Arts-style building has witnessed nearly a century of Chicago's evolution. After serving as a Northwestern University dormitory and later as high-end apartments, the property is now poised to become one of the city's most desirable addresses for lakefront living.

Crescent Heights®, the developer behind this transformation, has a reputation for identifying market trends and delivering exceptional properties. Their decision to convert 850 Lake Shore Drive into condominiums comes at a time when new condo developments in Chicago are scarce, making this project particularly noteworthy.

Nestled between Chicago's prestigious Gold Coast and Streeterville neighborhoods, 850 Lake Shore Drive enjoys an enviable location. Residents have easy access to Chicago's finest dining, shopping, and cultural attractions, all while basking in stunning views of Lake Michigan and the city skyline.

The building offers a diverse array of floor plans to suit various preferences and budgets. One-bedroom residences start at $422,000; for those seeking more space, two-bedroom options are available from $615,000; and luxurious three-bedroom duplexes start at $1,170,000. With ceiling heights ranging from 9 to 14.5 feet, these homes are designed to create a sense of grandeur and spaciousness.

850 Lake Shore Drive is also distinguished by its remarkable collection of amenities, including a stunning rooftop Skydeck with grilling stations and lounge areas, a fitness center, an indoor pool and thermal spa, and even a rooftop dog run. The crown jewel is the Grand Lounge—a remarkable 3,500-square-foot space with 25-foot ceilings and direct lake views—offering a breathtaking setting for social gatherings, executive meetings, or special events.

David Wolf, CEO of Wolf Development Strategies, which is handling sales and marketing for the project, believes that now is an opportune time for buyers to enter the market. As interest rates are expected to decrease in the coming months, property values are likely to rise. This creates a unique window for savvy investors and homebuyers to secure their piece of this historic property at potentially favorable prices.

One of the standout features of 850 Lake Shore Drive is the availability of immediate move-in options for prospective buyers. Unlike many new developments that often require lengthy waiting periods before occupancy, these condominiums are ready for residents to call home right away, allowing for a seamless transition into homeownership.

Additionally, 850 Lake Shore Drive offers a captivating blend of timeless charm and modern comfort. The building's exterior retains its classic Beaux Arts elegance, while the interiors have been thoughtfully updated to meet contemporary standards of luxury. This harmonious blend of traditional design elements and modern upgrades is sure to attract those who appreciate exquisite architectural heritage, as well as an elevated, comfort-focused lifestyle.

Crescent Heights' decision to pursue a condo conversion in a market dominated by rental developments is a bold and potentially prescient move. Jason Buchberg, partner at Crescent Heights, acknowledges the contrarian nature of this strategy but expresses confidence in the depth of Chicago's condo market. “This conversion addresses a gap in the market for new condominiums, especially at more attainable price points,” - says Buchberg.

As 850 Lake Shore Drive enjoys its new life as a condominium building, it stands as a testament to Chicago's enduring appeal and the cyclical nature of real estate trends. This conversion not only provides new homeownership opportunities in a prime location but also breathes new life into a cherished piece of the city's architectural heritage.

For those considering a move to this iconic address, the coming months will be highly opportune. As the real estate market continues to evolve, 850 Lake Shore Drive represents not just a home, but a piece of Chicago history and a potentially savvy investment in the heart of one of America's greatest cities.

Learn more by contacting our sales team at 312-627-9225 | 850lakeshoredrive.com | [email protected]| A Crescent Heights Property | Marketed Exclusively by Wolf Residential Group LLC.