Redevelopment Planned for 46k SF Historic "Phantom Building" in Chicago

• Altitude Capital Partners and Shana Collective plan to redevelop the historic "Phantom Building" into eight luxury condominiums in Chicago's Gold Coast.
• The 46,000-square-foot building was acquired for $10 million and will preserve its historic exterior while transforming the interior.
• Sales are underway, with residences priced between $2.5 million and $4.9 million.

What the Redevelopment Includes

Altitude Capital Partners and Shana Collective have unveiled plans to redevelop the historic building at 1447 North Dearborn Street in Chicago's Gold Coast neighborhood into an exclusive collection of luxury condominiums. The developers recently acquired the long-vacant property for $10 million and partnered with SCB to restore and modernize the landmark structure. Originally completed in 1901 as a 50-room long-term stay hotel, the four-story building was later converted into condominiums before falling largely vacant during the 1990s. Its decades of inactivity earned it the nickname "The Phantom Building."

What the New Residences Will Offer

The nearly 46,000-square-foot building will be reconfigured into eight high-end condominiums featuring three- and four-bedroom floor plans ranging from approximately 2,500 to 5,500 square feet. Each residence will include direct private elevator access, indoor parking, multiple outdoor terraces, and spacious bedroom layouts. Select homes will also feature fireplaces and butler's pantries, providing buyers with additional luxury amenities. Because the homes will be completed after purchase, buyers will have opportunities to customize portions of their residences during the build-out process.

What Makes the Historic Building Unique

Although the interior will undergo a complete transformation, much of the building's historic character will remain intact. The structure and exterior were restored within the past two decades, allowing the development team to preserve the property's architectural integrity while limiting the amount of structural work required. The project represents another example of adaptive reuse in Chicago, giving new life to one of the Gold Coast's most recognizable long-vacant buildings while preserving an important piece of the neighborhood's architectural history.

What Buyers Can Expect

Sales have officially begun, with residences currently listed between $2.5 million and $4.9 million. Once each home is sold, construction on the individual unit will begin, with completion expected approximately 12 to 18 months after purchase. The boutique nature of the project, combined with large floor plans, customizable interiors, and the building's historic setting, positions the development among the Gold Coast's most exclusive residential offerings.

What Project Details Have Been Released

The redevelopment is located at 1447 North Dearborn Street in Chicago's Gold Coast neighborhood. The existing four-story, 46,000-square-foot building, originally constructed in 1901 as a long-term hotel, will be converted into eight luxury condominiums. The project is being developed by Altitude Capital Partners and Shana Collective, with architectural design by SCB. The property was acquired for $10 million, and sales are currently underway. Individual residences will be built over a 12- to 18-month period following each purchase. A general contractor has not been announced.