A once quiet senior high-rise at 3121 N. Sheridan Road in Lakeview is on track for a dramatic second act. The 1950 building, long used as senior housing, is set to be rehabbed into roughly 296 studio and one-bedroom apartments, according to the buyer. Plans call for a top-to-bottom overhaul that will add a large fitness center, coworking space, and even a podcasting studio. Peak Properties is slated to manage the building after the conversion, and the developer says the goal is to offer mid-market rental options in the neighborhood.
Sale and buyer
Annenberg Investments paid about $30 million for the property and is driving the conversion plans, according to Crain’s Chicago Business. Berkadia brokers marketed the building on behalf of Ventas, which had turned the property into senior housing in the 1990s.
“It’s not often that a building of this scale comes available in Lakeview,” Jarrett Annenberg told Crain’s Chicago Business, adding that the buyer is working to get the building fully vacant so crews can “redo everything.” Mike Zucker, who will oversee management, said he believes the overhaul can deliver attainable units for the area. Company officials note that Annenberg Investments already owns roughly 1,500 apartment units across the Midwest.
Rents and amenities…