Monday, December 3, 2007

Bye-bye Fifield, hello...who?

Crain's just reported that the Lakeshore Athletic Club on Lake Shore Drive (previous posts about this building are here and here) will now be sold to Integrated Development Group LLC, who, with a pension fund, will redevelop the property as high-end senior housing. The principal in the deal for buyer used to head up development for Hyatt's senior division, so he knows something about these types of deals! No purchase price is listed, but I would not be shocked if it was south of the $40+ million previously offered. (BTW, here is the Sun-Times story.)

This of course blows out Fifield Cos., which planned to put another one of its high-rise condo buildings on the site. And I'm glad. Yes, I was torn knowing that the re-development of that property might be tough and require some creativity, I do happen to like that old building almost as much as I like creative real estate investors. I'll happy to see it there instead of the likely alternative. Let's watch and see what happens!