IDG is investing $150 million to renovate the former Lake Shore Athletic Club in the heart of Chicago’s Gold Coast into lavish homes for active, affluent seniors who want to live in a dynamic urban setting.
850 Lake Shore Drive is currently accepting occupancy applications for the anticipated opening in 2012. Members of the 850 Lake Shore Advisory Board will include:
Edward J. Baran, past chairman and CEO of BCS Financial and a first vice president of the Gold Coast Neighborhood Association;
Laurence Booth, design principal of the noted architectural firm Booth Hansen, and architect for the renovation and restoration of 850 Lake Shore Drive, as well as a trustee for Chicago History Museum and The School of the Art Institute of Chicago;
Ray Drymalski, consultant, former partner and counsel K & L Gates; former chairman, board of directors, Northwestern Memorial HealthCare and Northwestern Memorial Hospital; and life trustee of Lincoln Park Zoological Society;
Helyn D. Goldenberg, chairman, Sotheby’s Midwest; first woman president of Chicago’s Museum of Contemporary Art as well as of any major museum in the United States; and chairman of the Cultural Committee of the Chicago Central Area Committee;
Jack Guthman, Shefsky & Froelich Ltd.; named among 10 top real estate attorneys by Leading Lawyers Network and an inductee of the Chicago Association of Realtors Hall of Fame: adjunct professor, J. L. Kellogg Graduate School of Management, Northwestern University; and trustee of Museum of Contemporary Art in Chicago ;
Marvin Herb, chairman, Herbco LLC and former owner, chairman and CEO of
the Coca-Cola Bottling Company of Chicago; Jim Karas, best-selling author, TV personality, celebrity personal trainer and lifestyle expert with programs in Chicago and New York, and trustee, Howard Brown Health Center;
Stanley Paul, president, Stanley Paul Orchestra and Productions, and president,
Apparel Industry Foundation Inc;
Emilio S. Salvi, senior vice president and managing director, The Northern Trust Co.; vice president of philanthropy for Friends of Prentice Women’s Hospital; vice-chairman of Medical Research Institute Council at Children’s Memorial Hospital; and treasurer of The Parkways Foundation;
Neal Seltzer, principal, William Blair & Company; and a director of SGA Youth and Family Services and the Host Foundation;
Sophia Siskel, president and CEO, Chicago Botanic Garden; member of the Board of Directors of The Arts Club of Chicago and membership chair of the Young President’s Organization;
“Since our initial meeting and subsequent sessions in smaller groups, I am very confident that the members of our Advisory Board will add value to our planning process,” said Phillips. “Their vast experience and diversity of expertise provide a wonderful sounding board for me. Our intention is to design a retirement community that is attractive to younger seniors accustomed to a level of service and style of living not typically found in retirement communities.”
About 850 Lake Shore Drive
When completed in 2012, 850 Lake Shore Drive—formerly known as the Lake Shore Athletic Club—will have 128 one- and two-bedroom independent living residences
ranging in size from 1,123 to 3,820 square feet, and 11 apartments on a floor designed
and licensed for assisted living.
The interior demolition of the 20-story historic landmark is complete, and the $8 million restoration of the terra cotta façade is underway. The Beaux Art building was designed in 1924 by the noted architect Jarvis Hunt and regarded by many as an
important building in Chicago’s rich portfolio or architecture.
Independent living entrance fees, expected to start in the $600,000s, are 90 percent refundable when a resident leaves the community. A monthly service fee will cover utilities, real estate taxes and the wide variety of services, amenities, activities and meals offered at the community.
For more information, call the 850 sales center at 312-915-0850 or visit www.850LSD.com.
About IDG and NEBF
Before founding Integrated Development Group in 2006, Phillips was a senior executive with Classic Residence by Hyatt, where he had responsibility for developing $1 billion-plus of retirement communities.
With more than $10 billion of assets under management, The National Electrical
Benefit Fund (NEBF), a pension fund established in 1946 by the International Brotherhood of Electrical Workers and the National Electrical Contractors Association, is an active investor in 850 Lake Shore Drive. The NEBF is the third largest Taft-Hartley pension fund in the United States.
For more information on IDG and NEBF, please visit www.idg-llc.com and www.nebfrealestate.com.