Shoreline Acquires The Cudahy Tower

The Cudahy (left) and The Cudahy Tower (right). Photo from Corley Real Estate.

The Cudahy Tower, a 15-story apartment building overlooking Lake Michigan, is no longer owned by a member of the Cudahy family. The building, 925 E. Wells St., was sold by the family’s foundation to the owners of Shoreline Real Estate, the Crichton family.

“The Cudahy Foundation is pleased to announce the sale of the Cudahy Tower Apartments to the Crichton family, owners of Shoreline Real Estate. The Crichtons are honored to continue the legacy of the late Michael Cudahy and his daughter Julie, providing the same level of care for the property and first-class experience for its residents,” said both families in a joint statement.

Michael Cudahy passed away in March 2022 at the age of 97. He was a philanthropist, civic leader and the founder of Marquette Electronics (later sold to GE). He redeveloped the complex, which his grandfather and father built, starting in the 1980s.

The property contains 80 apartments according to city assessment records. Bacchus, operated by The Bartolotta Restaurants, is located on the first floor. The building website says there are currently no vacancies.

The tower was completed in 1929 to the designs of Chicago-based Holabird and Root. It was built as an addition to the eight-story Buena Vista Flats to the south, now known as The Cudahy, 777 N. Prospect Ave. That portion of the building, not included with the sale, is divided into 44 condominiums. The attached buildings are across N. Prospect Ave. from Juneau Park and feature lake views and immediate access to the major downtown office buildings. Both buildings are clad in white marble, white-glazed bricks and terra cotta and boast what were long considered some of the city’s most sought-after residences.

The original building was developed by Patrick Cudahy, the meatpacking magnate who also has a southern suburb named for him. His sons John Cudahy and Michael F. Cudahy developed the tower. John’s son Michael J. Cudahy redeveloped the building with childhood friend Fred Luber, the former CEO of Super Steel, starting in the 1980s. It included adding a floor to The Cudahy, creating an eight-story building, and combining apartments into larger condominiums. The Cudahy family originally sold its interest in the building in 1972 for $2.1 million to the Marshall Company, but Michael J. Cudahy repurchased the building in 1977 for $2.5 million. The younger Cudahy demolished the Sydney Hotel, which he described as a “flop house” apartment building, that was located just west of the complex for parking.

Shoreline, started by John Crichton in 1973, is one of the largest landlords in the city and owns several apartment buildings stretching from Downtown through the East Side.

A purchase price was not disclosed, and the transfer is not yet posted online on the Wisconsin Department of Revenue‘s property transfer website. But, in December, the property was transferred to The Cudahy Foundation from Cudahy Tower Apartments LLC, with a listed value of $16.5 million. It is assessed for $11.18 million.

The building is located a block east of Northwestern Mutual’s North Building, which is planned for a $500 million renovation including a glassy new facade.

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