 The Chicago Shriners Club purchased the property at the northeast corner of Michigan Avenue and Illinois Street directly north of the Tribune Tower for $1 million, while $5 million more was spent on building and equipping what was then to be the 42 story Medinah Athletic Club.The plan was for there to be 3500 members, all of whom had to be a Shriner; at the time of the announcement in 1925, 1000 Shriners had taken out founder memberships for the club.The ceremony to lay the cornerstone of the Medinah Athletic Club was held on November 5, 1928, and to commemorate the occasion, a copper time capsule was placed within the cornerstone.