January 29, 2008 - A proposed 50 story high-rise on 150 East Ontario Street that has been in the planning stage for some time may finally get off the ground later this year and become home to a new Marriott Hotel brand. Monaco Development LLC first intended for the building to primarily house condos, but company president Neil Gehani was quoted in both the Chicago Tribune and Crain’s as saying current market conditions caused the change.

The project is estimated to cost roughly $240 million and will still contain around 20 luxury condos. But the main focus of the development will be the 250 room boutique hotel, dubbed Edition. Hotel developers Ian Schrager and Marriott International have plans to eventually open 100 Edition hotels in countries all over the world, including Madrid, Costa Rica and Paris. Chicago is among the first nationally, with other locations in Miami, Washington, D.C., Los Angeles and Scottsdale to follow.

Financing for the tower still has to be secured, but the stellar location close to Michigan Avenue and the increased demand for boutique hotels are a definite plus for the project. The City Planning Commission has already approved the tower, but a zoning change must still be made to accommodate the hotel rooms. If all goes well, the tower is expected to be complete in 2011.

The recent influx of hotel projects has certainly been above the norm, but it remains to be seen if developers continue to favor building hotels and apartments over new Downtown Chicago Condos.

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This entry was posted on Wednesday, January 30th, 2008 at 11:42 am and is filed under Luxury Condos(t) , News(t) . You can leave a response.