Three-Building Condo Complex Under Way on Near North Side

CHICAGO-LR Development has started work on a three-building condominium complex at 840 N. Lake Shore Dr. in the Streeterville neighborhood, which is between Michigan Avenue and Lake Michigan on the city’s Near North Side.

The Residences at Lake Shore Park will include the 35-story Pearson, 250 E. Pearson St.; the 16-story Belvedere, 270 E. Pearson St.; and the 26-story 840 N. Lake Shore Dr. The three buildings are being constructed simultaneously on a tight building site that measures 500 feet by 120 feet. Three hundred units are slated to be delivered by June 2003.

Standing on the westernmost portion of the property, the Pearson will have a contemporary look, with vertical lines. Next door, with its red brick and stone exterior, the 41-unit Belvedere, the smallest of the three Residences on Lake Shore Park, will evoke pre-World War II co-ops and Chicago’s turn-of-the-century mansions. Easternmost is 840 North Lake Shore Dr., designed with a French influence. Architects for the Pearson and the Belvedere are DeStefano + Partners, with Lucien LaGrange and Associates designing 840 N. Lake Shore Dr.

New York City-based Related Cos. LP, a developer of high-end and affordable housing and mixed-use projects, purchased a controlling interest in LR Development when the company was put up for sale three months after the death of LR founder Bruce Abrams in late 1999. The three-building luxury condominium complex on Lake Shore Drive was included as part of Related’s purchase of the assets of the company, along with two other projects owned by the Abrams estate–the 67-story Park Tower condominium and the redevelopment of Fort Sheridan in north suburban Highland Park, IL.