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And so it was unusual
for him to shift into low gear when his attention turned to 1400 N. Lake
Shore Drive, RDM’s latest condo conversion. “The building
is so low-key, and there’s so much early Chicago tradition there,”
Mosky says. “What sold me was looking out the windows in one of the
apartments for the first time. I felt like I was in a prime-location hotel
that prided itself on its incredible views. I could see for miles up and
down the lakeshore, and to the west, it seemed like I was looking at block
after block of multimillion-dollar homes.” Mosky was sold. He
bid on the property, and his offer was accepted. “A lot of people
bid on the building, says Mosky. “I must have been willing to pay
the most money. In a way that’s good, unless I bid way too much,
but I’m delighted that we have the building. Located on the northwest
corner of Lake Shore Drive and Schiller, in the Gold Coast, the 22-story
concrete structure has a vintage Chicago look and oozes history. Built
in 1927 by the Wrigley family, the 398-unit highrise was originally designed
as a hotel with four multi-faceted wings that afford splendid views from
nearly all windows. The hotel concept was abandoned, however, in favor
of co-op apartments until the 1950s, when the building was de-converted
into rental units. “We want to go
back to day one with this building,” says Mosky, pointing out that
it was the first poured-in-place concrete highrise in the city and is
listed in the National Register of Historic Places. “I don’t
mean that literally, but we want to preserve the timelessness and beauty
of the building and still provide today’s modern conveniences.” While the residences
are being sold “as is,” Mosky points out that they have undergone
extensive rennovation in recent years, and that the continual maintenance
on the building has kept it in impeccable condition. Nevertheless, RDM
is planning to spend $10 million for improvements on such items as windows,
the building exterior, electrical and plumbing systems, and HVAC. The unit mix consists
of studios and larger condos with one, two or three bedrooms, ranging
from 400 to 1,500 square feet. At press time, prices ranged from the $110s
to the $490s, and around 20 percent of the units had been sold, according
to Matt Garrison, of Coldwell Banker, exclusive sales agent for the development. The building features
an elegant hotel-like French paneled lobby, a 24-hour fitness center,
a laundry room, dry cleaning and tailoring, a salon and spa, a convenience
store, a video store and a rooftop sundeck and park. The condos have hardwood
floors, cove moldings, walk-in closets, stainless steel kitchens and ceramic
tile baths.
Mosky points out that
RDM will be expanding the fitness club and purchasing new equipment. He
also anticipates improvements on the sundeck, and he hopes to entice a
five-star restaurant to move into the building, a throwback to the famous
CoqAuVin, which was located at 1400 N. Lake Shore for many years. “It goes without
saying that this is the perfect location,” says Garrison. “All
that Chicago is famous for is nearby, including the lake, Oak Street Beach,
the Magnificent Mile and Lincoln Park, just to name a few. And the bus
stops at the front door.” The sales center for
1400 N. Lake Shore, www.1400lakeshore.com,
is located on the building’s 20th floor, and at press time, was scheduled
to open in early July. |
RDM
Development’s Robert Mosky firmly believes that the secret to success
in real estate is to be in a constant state of motion. “I’ve
never been one to just sit back and chill,” says Mosky, proclaiming,
Yogi Berra-like, “Relaxation makes me nervous.”