Altitude Capital Partners, a Chicago-based real estate development and investment firm, in partnership with Shanna Collective, has acquired 1447 N. Dearborn Street — historically known as The Dearborn — for $10 million.

The building holds a notable chapter in Chicago’s architectural and cultural history. Originally a 50-room long-term-stay hotel constructed before 1925, it was later converted into 27 condominium units. The four-story, approximately 45,918-square-foot brick and limestone horseshoe-shaped building has been largely unoccupied since the 1990s.

The acquisition was brokered by Interra Realty. Max Grossman of Interra represented Altitude Capital Partners in the purchase, while the selling party was also represented by the firm. Altitude Capital Partners plans to complete the building’s unfinished luxury condominium spaces and bring them to market.

Situated in Chicago’s prestigious Gold Coast neighborhood on a 13,263-square-foot lot, 1447 N. Dearborn Street is within walking distance of Lake Michigan, Oak Street Beach, the Magnificent Mile, and dining and entertainment districts.

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