The long-empty "Phantom Building" at 1447 N. Dearborn Street is finally shaking off its nickname. After sitting largely vacant since the 1990s, the early-1900s courtyard block in the Gold Coast is being reborn as eight full-floor luxury condominiums, with asking prices roughly between $2.5 million and $4.9 million.
Developers plan to keep the historic exterior shell intact while installing high-end interiors. The planned homes are expected to span about 2,500 to 5,500 square feet, each with direct elevator access, private terraces and indoor parking. In a neighborhood where fresh luxury inventory has been scarce, this is one of the few new high-end projects to hit the Gold Coast in recent seasons.
New Owners And The Sale
Altitude Capital Partners acquired the eight-unit property for roughly $10 million and will lead the conversion, according to the broker’s listing for the deal. The buyer plans to reposition the courtyard building into full-floor condominiums and complete interior build-outs after units are sold. Interra Realty.
What The Homes Will Look Like
Marketing materials show eight exclusive, full-floor residences designed by SCB and laid out as three- and four-bedroom homes, with large bedrooms, multiple terraces and select units that include fireplaces and a butler’s pantry. Each residence is planned with direct elevator entry, and the building will offer indoor tandem garage parking and a gated front entrance.
Buyers are being offered the chance to pick finishes and customize certain layouts, giving some flexibility on how the interiors come together. 1447 Dearborn.
Pricing And Timeline
Public listings and the project reveal put asking prices in the range of roughly $2.5 million to $4.9 million. Developers say that once contracts are executed, units will be built out to buyers’ specifications over an estimated 12 to 18 months, with delivery windows varying by unit and buyer selections. As reported by Chicago YIMBY.
Why This Matters In The Gold Coast
Local brokers and developers say the conversion plugs a gap in a submarket that has seen little new luxury product, turning a long-vacant landmark back into residential use. “The so-called ‘phantom building’ of the Gold Coast is a rarity in that it has been unoccupied for so long,” a broker noted in the sale announcement. ConnectCRE.
How To Learn More
Floorplans, finish packages and sales contacts are posted on the development’s site, and individual unit listings are live through local brokerages. Interested buyers can review plans and reach the listing agent through the project page or brokerage listings. For full details and current availability, see 1447 Dearborn and the active @properties listings.
