600 North Fairbanks Developer

Schatz Development traces its origins to the acquisition by Jay “Jack” Schatz of the unique three-story building (now known as the Schatz Building) at the southwest corner of Fairbanks and Ontario Streets in Chicago. Originally designed in 1917 by acclaimed architects Benjamin Marshall & Charles Eli Fox as a bakery for the Horn & Hardart Automat Company, the building became home to both the Institute of Design (founded by Laszlo Moholy-Nagy) and the famed Chez Paree nightclub, which showcased Hollywood entertainers and renowned musicians. Schatz’s acquisition of the building allowed him to become a part owner of the Chez Paree and a local impresario. After the rise of television softened the demand for live entertainment, Schatz turned his attention to the development of Streeterville.

Not one to make little plans, his foray into new construction began with the co-development of McClurg Court, a pair of 45-story apartment complexes at 333 West Ontario that towered over the emerging neighborhood. Next, he co-developed the Holiday Inn at 644 North Lake Shore Drive, now branded as the W Chicago. A few years later, he co-developed the Holiday Inn City Center at 300 East Ohio, now known as the DoubleTree by Hilton. He then acquired the apartment building at 201 East Walton, recently reborn as the Sonesta ES Suites, and the 24,000-square-foot development site at 530 Lake Shore Drive, which was developed into a 29-story condominium building after he sold the land. He also invested in One Financial Place (home to the Chicago Stock Exchange), 240 East Ontario (now a Northwestern University Hospital outpatient facility), the Wolf Point Holiday Inn, the Chicago Dock and Canal Trust (now the River East Art Center), and Lake Shore Plaza (located at 435 East Ohio).

Not long after Jack Schatz passed away, his son Noah stepped into the void as manager of Schatz Development, which then constructed a 41-story, 227-unit luxury high-rise condominium building at 600 North Fairbanks, adjacent to the south of the Schatz Building. The soaring concrete and glass edifice, designed by world-renowned architect Helmut Jahn, was an unmitigated success and a breathtaking addition to the now-crowded Streeterville skyline.