By Carlo Calma
Northbrook-based Integrated Development Group is planning on turning the former Lakeshore Athletic Club in Streeterville into a residential building, as reported by Crain’s Chicago Real Estate Daily.
Located at 850 N. Lake Shore Drive, Integrated Development Group is planning on creating 200 residential units in the 374,000 square-foot, 19-story building.
The group purchased the property in February 2008 for a reported $40 million, and initially had plans of creating 128 senior units and 11 assisted-living units. Their plans of securing financing for their planned senior-living center fell through, “after the November 2011 bankruptcy at Clare Tower, a competing senior housing project a half mile west,” according Crain’s report.
Crain’s further reports that Integrated Development Group’s site plans show that they have intentions of on creating, “200 parking lots in the basement, first, second and fourth floor,” for its residents living in the property’s one or two-bedroom units.
Before Integrated Development Group purchased the building from Northwestern University, 850 N. Lake Shore Drive was used as a dormitory.