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Venerable club eyes sale of buildings: Chicago Athletic Association wraps up talks with developers for hotel-club project.
Byline: Susan Diesenhouse
Oct. 21--With mixed emotions, members of the venerable but financially strapped Chicago Athletic Association this week completed negotiations with two developers to sell their landmark home, a vital element of the historic South Michigan Avenue streetscape. On Monday, club members will review the proposals from the developers, who likely will pay about $22 million for the 265,000-square-foot, two-building property at 12 S. Michigan Ave. and 71 E. Madison St. In what will probably be an approximately $75 million project, the chosen company will transform the stately turn-of-the-century structures into a hotel and athletic club, said ...
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