Chicago's "phantom building" gets new life
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A Gold Coast condo building long known as the "phantom building" is getting new life after sitting mostly vacant for decades.
Why it matters: Historic buildings in Chicago's highly sought-after neighborhoods, especially vacant ones, often succumb to the wrecking ball to make way for single-family homes. But the 45,000-sq. ft. residential building called The Dearborn has managed to avoid that fate and is starting a new chapter.
The big picture: Chicago developers Altitude Capital Partners closed on the property at 1447 N. Dearborn Pkwy. in March for $10 million.
- Altitude's Brian Dohman tells Axios most of the eight condos have been sold and expects residents to move in this fall.
Catch up quick: Once a 50-room long-term-stay hotel, Chicago developer John Brown purchased the brick and limestone courtyard building in 1990, according to Crain's.
- Under his ownership, Brown later converted it into condos and renovated the building in fits and spurts, with it sitting mostly vacant during those years, often piquing the interest of neighbors and dog walkers.
State of play: Altitude became interested in The Dearborn after Brown died in 2024.
- The developers, along with their real estate and design partner, Shanna Collective, saw a rare opportunity for an infrastructure-sound building in a prime location.
What they're saying: "A lot of times buildings like this sit and they're not properly cared for, and they can break down. This building was heated. It was fully enclosed. This building was fully cared for," Dohman says, referring to the previous owner's commitment to it.
Plus, "It's limited supply in a great neighborhood. Several of our buyers are from out of state. Chicago is a good value even at these price points."
By the numbers: Those price points? Listing prices range from $2.5 to $4 million.
Zoom in: Despite the upscale reputation of the Gold Coast, like many major cities, the last few years have been about building back after the pandemic. Dohman says buyers see the progress.
- "Despite always being a pretty good neighborhood, it's continued to improve and brings a lot of amenities with the development that's going on around here on the commercial side."