By John Walker
Special to Inside
As planners, city officials and local residents debate what to do with aging buildings, LR Development Company LLC is forging a solution with adaptive reuse projects that are revitalizing communities and making money. With several redevelopments throughout Chicago's neighborhoods, this developer has made great strides to protect the city's most precious architectural gems—while transforming them into economically viable structures that preserve the authentic character of communities.
Founded in 1988, LR Development Company got its start by renovating vintage Victorian buildings in Lincoln Park and Lake View.
In recognition of its significant accomplishments in historic preservation, the Landmarks Preservation Council of Illinois (LPCI) presented LR with its Building Industry Council (BIC) 2003 Annual Award. "Historical preservation projects inherently carry more risk, but LR Development Company sees opportunities and solutions where others see problems," said David A. Bahlman, president of LPCI. "The Landmarks Preservation Council of Illinois praises LR Development Company for having the vision, as well as good business sense, to return historic buildings to their past glory and make them economically viable, strengthening communities and making them more desirable places to live and visit."
"The lives of all Chicagoans are enriched by development that safeguards Chicago's architectural landmarks," said Thomas O. Weeks, president of LR Development Company, upon accepting the 2003 Annual Award at LPCI's 10th annual award dinner on Nov. 19 at the Westin River North. "Historic preservation is a team effort with the contractors, suppliers, architects, attorneys and others involved and we are thankful for the support of past and current team members. With the special skills of this diverse team, LR has been able to develop complex historic projects often overlooked for their daunting challenges."
Each year, the BIC, an organization of building industry leaders supporting LPCI, honors an individual, firm or organization at its awards dinner for "extraordinary dedication to preservation through responsible planning and developing."
A media presentation at this year's awards ceremony highlighted past LR projects such as the transformation of 19th-century military structures into upscale residences at Fort Sheridan. The former military base, constructed on Chicago's North Shore in 1887, is listed on the National Register of Historic Places. While maintaining the historic integrity of Fort Sheridan's early facilities, LR introduced new homes in harmony with the original surroundings, providing value and a unique living environment for residents.
Since 1988, LR has directed the historic preservation and adaptive reuse of existing structures, including:
Conversion of the former Playboy mansion, 1340 N. State Pkwy., into seven of the city's most luxurious residences;
Transformation of The Mayfair, 189 E. Lake Shore Dr., from a vacant hotel into one of the city's most prestigious residential buildings;
Restoration and transformation of The Chandler, 33 E. Bellevue, from a vintage apartment building into 11 elegant condominiums;
Conversion of a former Wieboldt's department store, 1601 W. School St., into a condominium complex; and
Historic preservation of Hotel St. Benedict Flats, 50 E. Chicago Ave., a mixed-use apartment/ retail building designated a Chicago landmark.
In 2002 LR received the National Preservation Honor Award from the National Trust for Historic Preservation for its $60 million restoration and transformation of the Cleveland Arcade into a 293-room Hyatt Regency Hotel. The conversion of the Cleveland Arcade, one of the first enclosed shopping centers in the United States, enhanced the neighborhood as an entertainment destination with additional dining and retail space while boosting business at nearby attractions such as the Rock and Roll Hall of Fame.
"We hope to build a legacy of landmarks," Weeks added. "That dedication to creating landmark developments extends not only to our renovation work but also to our new developments."
Recent LR projects include three new luxury buildings along Lake Shore Drive—The Pearson, 840 Lake Shore and The Belvedere; Sixty West Erie, a 19-story boutique residential building in River North; and Park Tower, a 67-story luxury high-rise overlooking the Magnificent Mile. Additionally, LR is planning a $250 million, premier residential tower overlooking Grant and Millennium parks, the Chicago skyline and Lake Michigan, which is a part of Magellan Development Group's 80-acre Lake Shore East project.
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