The homeowners’ association of 540 N. Lake Shore Drive, a 150-unit condo building, have retained CBRE as the building’s listing agent. CBRE is positioning the property as a deconversion opportunity, offering the brick-and-timber loft condos in a bulk sale through a competitive bidding process. The listing also contains the adjacent, 10,780-square-foot parking garage with 73 spaces at 450 E. Grand Avenue befitting new construction.
Located in Chicago’s Streeterville neighborhood and along what is perhaps the city’s most famous street, the building offers unobstructed views of Lake Michigan and is bordered by the Gold Coast, the Magnificent Mile and the Central Business District. Directly across the street from Ohio Street Beach, the location also offers immediate access to a large portion of the city’s top entertainment and cultural destinations.
One of the last significantly underdeveloped parcels in the neighborhood, the area has exhibited strong demand for rental product, as several very successful multifamily projects have launched nearby in recent years. Martin Stern of CBRE will represent the homeowner association in this process.
Built in 1914, 540 N. Lake Shore Drive was rehabbed in 1977 into 150 apartments, which were converted to condos in 1992. The offering of the 150 units consists of studios, one-bedrooms and several two-bedrooms. The property offers an on-site doorman, an exercise room, bike room and sun deck which offers a great view of the Lake and Navy Pier.