It looks like there's finally some progress on the largest vacant building on North Lake Shore Drive.
Crain's is reporting that Integrated Development Group is planning to convert the building at 850 N Lake Shore Dr into 198 luxury apartments, with construction to begin early next year. Earlier plans for senior housing were derailed by market conditions and the example of The Clare's bankruptcy filing.
The project's estimated cost of $140 million works out to more than $700,000 a unit – perhaps the highest number for apartments in Chicago history.
Filed under: Real estate