May 2, 2014

The Shoreland reopens

On Wednesday night, The Shoreland hosted its grand reopening after nearly five years of renovation. Previously serving as a dormitory for the University from the 1970s to 2004, The Shoreland was acquired by Antheus Capital, which owns MAC properties, for $16 million in 2009.

Historically, The Shoreland served Hyde Park as a hotel and event space since 1925. Its 13 floors, banquet hall, and ballroom have hosted the likes of Eleanor Roosevelt, Amelia Earheart, Elvis Presley, and Al Capone.

“This is a building which, when it was built, was among the most honored and fully amenitized buildings in the community,” Eli Ungar, founder of Antheus Capital, said during the event.

Maintaining a balance between the old and new features of the building was important to the renovations. Ungar said the same company that made the terra cotta trimming in the old building made the terra cotta trimming for the renovated building.

“The hallways are the original width, and we kept the ballroom and lobby,” said Peter Cassel, director of community development for the Silliman Group, an arm of Antheus Capital.

In addition to maintaining The Shoreland’s historic identity, Antheus Capital wanted to reinvent The Shoreland as one of the most modern buildings in Chicago.

“When we reopened this building, it was the first building in Chicago to have 1GB [high-speed Internet] service,,” Cassel said. “Because the building was stripped to the gut, this is one of the only apartment buildings in Hyde Park with a contemporary heating and cooling system,” he said.

Modern updates toted modern pricetags. Although Antheus would not comment on the total cost of the renovations, Ungar said, “The original construction cost of the Shoreland was $5.5 million. Last August, we spent $5.5 million in the first week.”

Cassel said that Mac has been updating other apartments in addition to the Shoreland.

“Part of what we’ve been able to do in the past 10 years is to go through and update many of the existing apartment buildings to serve the 21st century,” he said.