A partially completed school building at 355 East Wacker Drive in Chicago's Lakeshore East neighborhood will be transformed into a new Jewish high school after being purchased by local investors for $17.5 million. The 13-story structure, situated between the Coast apartments to the west and the St. Regis to the east, had remained unfinished since construction was halted in 2019 due to financial difficulties faced by its original developer.
The building was originally being developed by Dubai-based Global Education Management Systems (GEMS), which had established its first U.S. location in Chicago in 2014 after founding the company in 2000. GEMS initially operated a private elementary and middle school serving grades K-8, and several years later began construction on this second building intended to house a high school. However, financial troubles forced the company to surrender the unfinished structure to its lienholders, led by Power Construction, in 2024.
The new owners, a venture comprising various local benefactors, plan to complete the construction and open the Davis School Chicago, a Jewish high school, by 2027 according to reports from Crain's Chicago Business. The development team conducted a survey that revealed significant community interest, with 715 families representing approximately 1,500 students expressing interest in enrollment at the proposed school.
This level of interest aligns well with the building's original design capacity, which was planned to accommodate up to 1,400 students within its 154,000 square feet of educational space spread across 13 floors. The original architectural plans by bKL Architecture included comprehensive educational facilities such as lower-level parking and student drop-off areas, a full-service cafeteria, a 500-seat auditorium for performances and assemblies, multiple classrooms and laboratory spaces, and a rooftop deck featuring sports courts for athletic activities.
While the new ownership group has not yet revealed updated architectural plans or selected a design firm to complete the construction work, the project details remain in preliminary stages. Previous marketing materials estimated that approximately $20 million would be required to finish the project and convert it into a fully operational school facility. The Davis School has already established an online presence with an official website to provide information to prospective families and the community.
The ownership change comes as GEMS continues to wind down its Chicago operations, having also closed its lower school facility at 350 East South Water Street earlier this year. That building has subsequently been placed on the market for sale, marking the end of the international education company's presence in the Chicago market after nearly a decade of operations in the city.
