A reader recently sent us an article from Chicagobusiness.com (subscription is required). It is pretty much summed up in the following:An Arizona developer aims to jump-start a massive hotel, retail and entertainmentThis is probably good news for the area. More development means more people means more business/retail. This also aligns with the city and alderman's push to evolve this area into an entertainment hub. We will see what happens. Should be interesting.
project next to McCormick Place and turn the nearby Motor Row area into a
nightlife hot spot.
Winners Development LLC agreed to invest $40.2 million in a parcel on East Cermak Road, directly north of the McCormick Place West Building, according to a recent court filing in a bankruptcy case involving the property's owner. The first phase of construction would include a convention hotel with 900 rooms, although the 4.9-acre property is zoned for nearly 2,600.
If the Scottsdale-based developer can pull it off—still a big if — the project will be the first of its size on the Near South Side since the real estate collapse derailed the frenzied residential development that transformed the area in the 2000s. It also could help bring more trade shows to McCormick Place, addressing a big complaint from meeting planners: the lack of hotel rooms near the convention center.
(Image from YoChicago.com)
(Hat tip: EJM!)