The “Phantom” Gold Coast Building at 1447 N. Dearborn has Sold. What’s Next?
Crain’s Dennis Rodkin reports on the “phantom” gold coast building at 1447 N. Dearborn Parkway, that has seemingly been mostly empty since as far back as 1990.
We even chattered about the building ourselves in 2015 (although I used 1445 N. Dearborn as the address, instead of 1447.)
Some of you posted the permits for the building over the years. I thank you.
See our 2015 chatter here.
Crain’s reports that the building has been sold for $10 million and WILL be converted into condos.
As sold, it was just 8 condos with 18 garage parking spaces.
“The gorgeousness of the exterior, the brick and limestone,” is all well cared for, O’Malley said. Built sometime before 1925, it was originally a 50-room long-term-stay hotel called Dearborn Manor, a name that lasted at least until the late 1950s, according to archived Chicago Tribune rental ads.
When the building went on the market in the fall, O’Malley said, at least 60 potential buyers toured it, and he was blanketed with questions by passersby. “I’d be at the front gate,” he said, “and people walking by would ask me, ‘What’s going on with the building?'”
Apparently, the new buyer, who is a real estate developer who lives in the Gold Coast, isn’t going to make major changes.
Dohmen said he’ll keep the present eight-unit configuration and finish the units to what he called “an ultra-luxury level” befitting the neighborhood. The finishes and size, he said, will appeal to “people who want to downsize to the Gold Coast.”
The units should be available in mid-2026, Dohmen said. He declined to say what prices he’ll be asking at the time.
The building’s historical stature is slightly misleading, Dohmen said, because much of it was rebuilt in 2010, the result of the street-facing west side collapsing in 2005 when Brown’s firm was rehabbing it into condos. The city issued a stop-work order, according to Chicago Tribune reports. Later, Brown rebuilt the facade, largely duplicating its original look.
In essence, “it’s a brand-new building from 2010,” Dohmen said.
New condos in the Gold Coast are rare.
Will these sell quickly next year when they come on the market?
$1.25m per unit for the (maybe) whitebox, and “ultra-luxury” finishes of probably $250 psf. Plus any work needed to get the overall structure up to “ultra-luxury”.
Looks like ~8500 sf per floor (leaving a little left over for hallways) for 2-4, and about 5500 on ground and garden levels. 36,000 sf, making for ~4500 per unit–$1.25m per unit for finishing, start the pricing for the less desireable/smaller units at $3m probably, for like 35-3700 sf.
from the streetview, the 18 parking spaces appear to be 9 tandem spots–there are 3 2-car garage doors and 1 3-car garage door on the alley.
I do hope to see a resolution
on the old town walks, the guides alternate between embarrassed silence with side eye glances to throwing up hands in frustration when asked about this property
While I wouldn’t expect a staffed building, I would hope there would be a place for package delivery
Thanks for the extra color anon(tfo).
I’m trying to understand why I’d buy one of these versus just buying a home in the neighborhood. I get it that condo living is less maintenance. But these just remind me of the McCormick Mansion or the Playboy Mansion condos, but without the coolness factor.
But I await the renovation to see.