Michael Ferro Spends $2.9 Million Renovating Gold Coast Condo

Chicago tech and media entrepreneur Michael Ferro is giving his Gold Coast penthouse a multimillion-dollar facelift.

Ferro and his wife, Jacqueline, are planning an estimated $2.85 million renovation of the 8,000-square-foot penthouse they bought last year for $7.7 million, according to city building permits filed in July, the Chicago Tribune reported.

The project will bring the couple’s total investment in the landmark 1920s co-op at 1500 Lake Shore Drive to more than $10.5 million. That’s about $1,312 per square foot. The Ferros already live on another floor in the same vintage building and appear to be expanding their home.

The planned work includes selective interior demolition, new partitions, system upgrades to mechanical, electrical and plumbing infrastructure and the replacement of windows with fire-rated glass.

The building, designed by Rosario Candela in partnership with Chicago firm McNally & Quinn, is among a handful of the famed architect’s designs outside New York and one of the Gold Coast’s grandest co-ops.

The duplex, which spans the 24th and 25th floors, offers 5,000 square feet of outdoor space, including a rooftop lawn and fountain overlooking Lake Michigan. Inside, the residence features a 39-foot walnut-paneled gallery with hand-frescoed vaulted ceilings, original limestone staircases and a carved wooden ceiling soaring 20 feet above the living room.

The Ferros bought the property last year. Architect Dorota Betancur is overseeing the renovation. Colette Cachey Smithburg is one of the couple’s real estate brokers.

It’s unclear which historic details will survive the planned updates, but the co-op’s ornate craftsmanship makes any renovation a delicate balancing act between preservation and modern luxury.

The Ferros’ Chicago project comes as the couple adds to a growing real estate portfolio. Earlier this year, Ferro purchased a $120 million mansion on Star Island off Miami Beach, one of Florida’s priciest residential enclaves.

Ferro, 58, built his fortune through a string of technology ventures, including Click Commerce, and later became a major figure in Chicago media. He served as nonexecutive chairman of Tribune Publishing from 2016 to 2018 before selling his stake to Alden Global Capital, now the company’s owner.

— Eric Weilbacher