I'm not 100%, but I don't think that's an example of the effects of the raising of the city. For one thing, the address is quite removed from the downtown area, but beyond that you can find these kinds of buildings all over the city, so I've always figured they were just built that way. Here's an example of a clearly recently-built building which has a similar design, in Wicker Park:
https://www.google.com/maps/@41.9092286,-87.6725628,3a,34.8y...