The former Ambassador West Hotel, at 1300 N State Pkwy, is one of several historic buildings currently being given a new lease on life as ultra-luxury condominium developments. The project has been on the market for several years, partly because units priced at $1.4 million -- the low end on remaining condos in summer of 2005 -- don't sell overnight.

Hollywood comes to the hotel

The original 13-story hotel was built in 1929 and lived a full and fascinating life until its closure in 2002. The Ambassador West hosted a bevy of world leaders and celebrities, from Ronald Reagan to Queen Elizabeth II, and from Tony Bennett to Joan Crawford. Scenes from the Alfred Hitchcock thriller North by Northwest, starring Cary Grant, were filmed inside the iconic Gold Coast locale.

Landmark status

The historic Ambassador is designated as an official Chicago landmark, so residents will enjoy an eight-year real estate tax break.

The building’s historic façade was preserved by developer, L3 Development, which carved the building into 38 units. Prominent Chicago architect Lucien Lagrange, the mastermind behind several other luxury downtown highrises such as Erie on the Park and The Elysian, was the renovation architect.

Complete rehab

Buyers, many of them empty nesters from the suburbs, are getting the best of both old and new at The Ambassador, as the developer took pains to preserve the architectural details but also completely rehabilitated the building’s interiors, says Carol Griseto, of L3 Development.

“The historic hotel was taken down to the super-structure and the foundation,” Griseto says. “Everything inside the building is new. The building features large, gracious living spaces with balconies and indoor parking.”

The units ranged from $1.4 million for a 2,000-square-foot space to $6.5 million for a 6,800-square-foot duplex penthouse in summer of 2005. The development includes two first-floor "maisonettes" off the front lobby, one that is 2,800 square feet, and another of 4,500 square feet -- both with 16-foot ceilings.

Finishes, features

Features include crown and base moldings, extensive millwork, encased hallway portals, extended windowsills, gas fireplaces, Waterworks fixtures, Wood-Mode cabinetry, ceiling heights of nine to 12 feet, and a pre-wired network for voice, video and data.

The Ambassador has a 24-hour doorman, a 1,200-square-foot rooftop lounge with luxury kitchen facilities, wet bar and 735-square-foot terrace. Other amenities include a bicycle storage room and personal storage spacea 2,000 square-foot fitness room with free weights, weight machine, basketball half-court and space for yoga and stretching. Residents also have use of a bicycle storage room and personal storage space