Developers announced the planned construction of a 50-story high-rise to be located at 150 Ontario St, just east of Michigan Avenue.
The development will be led by Monaco Development LLC. The tower will offer a total of over 300 rooms, and will be geared towards the luxury market. There will also be about 20 luxury condominiums available upon completion. The developer decided to focus on hotel rooms rather than condos as a result of sluggish sales around the Chicago region.
The developer must still find financing, however. This is a difficult task as banks and lenders are tightening requirements for new construction loans. Monaco would like to start construction on the tower towards the end of 2008, and has a tentative completion date of 2011. The project also depends on city officials accepting a zoning change for the property.
The hotel is one of several new luxury hotel developments announced for the downtown Chicago region. There are several major projects currently underway, and the opening of the Trump International Hotel is eminent.
Browse through some of the best Chicago Real Estate on the market in neighborhoods around the city. Find that perfect luxury home or condominium and enjoy the benefits of homeownership today.
Technorati Tags: Marriott Hotels, Chicago luxury Hotels, Chicago Real Estate News
