Summary
Immaculata Living offers a unique opportunity to create a housing campus in a coveted location. It is adjacent to Lake Michigan and Lake Shore Drive, and steps away from the Sydney Marovitz Golf Municipal Course and public beaches, as well as shopping and dining in the Lakeview neighborhood. It’s next to public transportation, and just a few blocks from Wrigley Field (home stadium of the Chicago Cubs professional baseball team), surrounded by a mature residential neighborhood. See the location on Google Maps.
Phases
Phase I reimagines the iconic Immaculata High School – a Chicago and National Landmark – into 245 stunning apartments. Grand historic features the 1,000-seat auditorium and full gymnasium are thoughtfully transformed into dramatic, modern living spaces and communal amenities. This adaptive reuse will be completed over an 18-month timeline.
Phase II introduces a striking new 22-story tower, purpose-built to meet the needs of senior residents. With 192 thoughtfully designed apartments and unobstructed views of Lake Michigan, the tower will offer supportive amenities tailored for aging in place – all while remaining integrated into the broader intergenerational community. Construction of the tower will take 24 months.
With both phases running concurrently, the full development will be completed over a 36-month horizon. Once operational, we are targeting blended annual income of 7–8%, with combined yields rising well over 10% when accounting for appreciation in property value – underpinned by a rare combination of prime location, historic character, and long-term rental demand.
| Phase I: Historic Renovation | 245 |
| Phase II: High-Rise Tower | 192 |
| Total Unit Count | 437 |
Phase I: Historic Renovation
See if you can spot the inspiration for Immaculata Living’s logo!
The apartments have been sized and will be priced to attract young professionals with a desire to live adjacent to Lake Michigan, Lincoln Park, and near public transportation in a fully amentized apartment building. The buildings have been programmed for 235 units in 106,051 net rentable sf, with a unit mix of studios, one-bedroom and two-bedroom units.
Finishes and amenities will be comparable to other Chicago Class A luxury multi-family buildings. Unit finishes will include restored, original hardwood flooring or LVT or polished concrete flooring, quartz or granite counter tops in the kitchen and bathrooms, stainless-steel appliances in the kitchens, and ceramic flooring in the bathrooms. Oversized historic windows will be restored with interior storm windows added to meet energy code. Individual heating, and cooling systems will be installed and high-speed internet provided.
Common amenities will include the conversion of the existing 5,000-sf+ gymnasium into a modern exercise facility which will include the retention one of the existing basketball courts.
The dramatic 1,000-seat auditorium will be partially retained, serving the tenants and the neighborhood on a limited basis, with most of the space retrofitted as a multi-purpose amenity space. The auditorium balcony will also be transformed with tiered work stations and a business center. Additional amenities to include a 4th floor lounge and two fully programmed roof decks.
Phase II: High-Rise Tower
Rising 22 stories above Lake Michigan, the Immaculata Senior Tower is designed to provide comfort, dignity, and connection in one of Chicago’s most iconic settings. This new landmark offers 192 thoughtfully crafted apartments tailored for seniors who want to age in place without compromising on style, independence, or access to community.
The tower will include a full continuum of care, with units specifically designed for independent living, assisted living, and memory care, allowing residents to remain in the same community even as their needs change. Supportive services will be discreet, dignified, and designed to foster autonomy while providing peace of mind for families.
To maximize comfort and natural beauty, the building will be engineered with multiple floors of parking at its base, elevating all residential units above the rooftop of the neighboring historic building. This ensures that every lake-facing apartment enjoys uninterrupted, panoramic views of Lake Michigan – a rare and enduring asset in Chicago real estate.
Residents will also benefit from:
- Direct access to on-site intergenerational programs and public events hosted by AIC
- Barrier-free, age-friendly apartment layouts
- Wellness and dining services tailored to different levels of care
- Rooftop terraces, community lounges, and landscaped open space
The approved tower will have permanent, unobstructed views of Lake Michigan from most of the units, which are highly desired in Chicago. The renderings shown below were created for entitlement approvals.
Chicago Plan Commission presentation
This project was presented to the Chicago Plan Commission in July 2022. You can see a copy of that presentation here.
Location
See the location on Google Maps
About the developers
Keith Giles
Keith M. Giles, founding principal of K Giles LLC, is a veteran developer with a proven track record of large-scale project execution and a keen understanding of Chicago. During the 1990s and early 2000s Mr. Giles owned and operated Frankel & Giles, a development and realty firm, and Wolverine Construction an in-house general contractor. Frankel & Giles completed many South Loop developments which catalyzed the now vibrant and diverse neighborhood in downtown Chicago. Projects have included high-rise multi-family condominium and apartments, student housing, adaptive re-use, historic renovation, single family homes and townhouses.
Recent large-scale projects are linked from the homepage.
In 2000, Frankel & Giles was recognized by the Chicago Sun Times as Chicago’s City Builder of the Year. Other awards have included: Excellence in Historic Rehabilitation by the National Housing and Rehabilitation Association and the Chicago Landmark Award for Preservation Excellence for the Old Colony Building, Chicago’s Best Adaptive Re-Use for 888 South Michigan Avenue and Chicago’s Good Neighbor Award for the Roosevelt Hotel Apartments.
Aaron Giles
Aaron Giles has been with K Giles LLC since 2016 and currently serves as Principal and Project Manager with the company. He holds an Illinois Brokers License and has been active on both the development and brokerage sides of the Real Estate industry. His experience includes developments and project work within several different asset classes including high density multi-family, adaptive re-use, single family homes, and student housing in different markets across the country.
Aaron participates in every phase of the project from the initial entitlements and financial underwriting, to construction, asset management and exit strategies. With a previous background in the music, arts, and event production field, coupled with his experience of operating and founding his own business, Aaron brings proficiency, dedication and is an integral part of the K Giles development platform.