April 24, 2008

Wicker Park tower could become hotel

Category: Bucktown. Posted by Mike at 2:05 pm.

The future of a Wicker Park landmark could soon be determined. According to plans announced by 32nd Ward Alderman Scott Waguespack, the 12-story Northwest Tower could soon be redeveloped into a boutique hotel.

The tower was bought last year by 1600 North Inc for more than $5 million. The building had been home to offices. The neighborhood’s location between O’Hare International Airport and downtown Chicago could make the hotel attractive for travelers who don’t want to pay the high rates for hotel rooms in the Loop and the Near North Side.

Another plan for Northwest Tower was cancelled after uproar from neighborhood groups. That plan called for a total of 51 rental units, commercial space, and parking. Historic buildings next to the tower would have been demolished to make way for the project.

The hotel would be one of the first of its kind in the Wicker Park area. The downtown Chicago market has already seen a flurry of activity by developers in the hotel market, including several high profile developments such as the Trump International Hotel and Tower and the Mandarin Oriental. The increase in hotel developments comes on the heels of a weak market for Chicago Condos in many neighborhoods around the city.

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