A 10,000-square-foot, ivy-covered 19th-century home on the Gold Coast that has been on the market for the better part of the last decade will soon be transformed into four condos.
The development firm ZSD bought the historic home for $2.35 million, which was less than a quarter of the home’s original 2013 list price of $9.95 million, Crain’s Chicago Business reported. ZSD principal Zev Salomon said the firm plans to rehabilitate the building and the alley-side coach house into four separate condominium units priced at $2 million or higher.
The exterior of the building will remain the same, with the only change being the addition of a top floor that will not be visible from the street. The interior of the property is in such need of rehab that the completed condos will essentially be new construction inside of a historic shell. Salomon said the grand staircase inside the home will be one of the original features retained in the renovation.
The building, which was built in 1896, was originally the home to Frederick S. Winston, the first attorney at the firm now known as Winston & Strawn to argue a case before the U.S. Supreme Court.
The seller, Sandy Shelton, bought the property in the later 1970s when it had already been divided into six apartments. The largest unit, which Shelton lived in, extends into the rear coach house on the main floor and will still be the largest and highest priced unit in the building at 4,600 square feet.
The remaining three condo units will be about 2,600 square feet each and the top-floor unit will also have access to a rooftop deck. Salomon expects to start construction on the property in the next three months and hopes to be able to deliver finished condos in 2023.
Salomon said the developer plans to remove the ivy that covers the building to better showcase the brick and copper facade.
[Crain’s] — Victoria Pruitt