January 8, 2008 - It looks as though we may be able to make yet another addition to the growing list of hotel developments in the planning stage. The Alter Group, Ltd. has hired Lucien Lagrange to put his architectural stamp on the new project, which would consist of two 21 story towers, some 1,500 rooms and perhaps even a casino. The towers would go up on East 22nd Street in a spot already zoned for a hotel and close to McCormick Place. Recent articles in the Tribune and Crain’s report that if completed as planned, this hotel complex could be the fourth largest in Chicago.

The hotel development would be constructed on just under four acres and potentially contain as much as 100,000 square feet of retail and mixed-use space and come at a price tag of well over $400 million. The hotel could complement the existing McCormick Place convention center and the thousands of people it attracts.

The casino aspect of the development would certainly set it apart from other hotels. Before that could become a reality though, the hotel complex would have to be granted a casino license. If a license did come up for bid, Alter would probably have plenty of competition from other organizations and developments that would also like to operate a casino.

With increased demand for hotel space and Chicago Apartments, more developers may shift some of their focus from luxury condos and diversify a bit.

Technorati Tags: Alter Group, Chicago Condos, Chicago Real Estate

This entry was posted on Tuesday, January 8th, 2008 at 11:14 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.