The rehabilitation of The Belden-Stratford, an iconic Beaux-Arts apartment building in Chicago’s Lincoln Park neighborhood, was personal for property owner Mansueto Office, the investment firm of Joe Mansueto, founder and executive chairman of Morningstar.
Mansueto had lived in the building for a number of years in the 1980s when it was a plain vanilla project, and it remained near and dear to him. Mansueto Office purchased the Class B- building in 2018 with plans for a grand-scale renovation.
“When he bought it, the idea was to own for the long term and be a great steward of the asset,” says Ted Fahey, Mansueto Office’s vice president of real estate.
The building, designed by architect Meyer Fridstein, was constructed in 1923 as an apartment hotel. Through the decades, owners chose to maximize revenues and added more units into the mix. For example, a two-story ballroom was split into two floors to make room for additional units.
Mansueto Office had other plans in mind: restoring original elements wherever possible, reducing the number of units, and reimagining the building to appeal to luxury renters.
Residential floors were gutted, with the number of units decreasing from 297 to 209. Modern floor plans, including a selection of penthouses with double-height living space, were created. The unit interiors feature modern island kitchens with stainless steel appliances and quartz countertops; walk-in closets; and full-size in-unit washers and dryers. As a historic tax credit project, the double-height lobby was restored to its original glory; the mezzanine level was returned to its original open configuration overlooking the lobby; the façade was restored and historic photos used to recreate a steel and glass canopy crowning the main entrance; and all windows were replaced, with exterior window frames going back to their original blue color.
Amenities include a double-height fitness center that once served as the ballroom, a billiards and media lounge, a wine-tasting room, climate-controlled wine storage with individual lockers, reservable conference rooms, and rooftop deck with grilling stations and skyline views.
Prior to the renovation, The Belden-Stratford fetched monthly rents between $1,276 and $3,557. The renovated Class A+ building now has monthly rents between $2,588 and $9,422.
“It has been a colossal home run, especially for a property that is 101 years old. The fact that we were able to turn this building into a top destination speaks volume to the vision, the team, and the overall building itself,” adds Fahey. “We’re thrilled with how it turned out. We love that it will be able to shine for another 100 years.”
