Sudden Influx of Hotels Coming Into the City
The city of Chicago has been experiencing a sudden influx of brand new hotels. Popping up
in all corners of the city limits, it can be hard to keep track of all the upcoming hospitality businesses. Thankfully, we’ve compiled a short list of some of the new hotel developments you should be keeping track of.
Oriental Theatre Building
Although it was originally set for conversion into more than 200 apartments, developers working on the Oriental Theatre have recently decided on a 198-room hotel complex. Construction of the hotel, which will fall within the Cambria Hotel & Suites family, will cost a projected $62 million. Developers hope to open the hotel to the public in September 2017.
A public attraction that is celebrating 100 years as a prominent landmark in Chicago, Navy Pier, which sits directly on Lake Michigan, offers more than 50 acres of public parks, storefronts, restaurants and other attractions. The landmark itself attracts almost nine million visitors on an annual basis.
With this in mind, it’s easy to see why Navy Pier is the chosen of a brand new, 200-room hotel. The project, which costs an estimated $90 million, is expected to be completed by 2018. Construction will officially commence on the five-story hotel, which is located in the east entertainment district of Navy Pier, in 2017.
Cabrini-Green Housing Development
The Chicago Housing Authority’s plan to redevelop the Cabrini-Green neighborhood, which currently encompasses 65 acres of vacant area, is no easy task. Once known for its extreme poverty rates and high levels of crime, the area will be revitalized through a series of residential, retail and hotel developments.
Ultimately, the CHA’s plan involves a total of 2,340 residential units. One-third of these units are specifically for those who rely on public housing. Phase one of the project will see the redevelopment of three separate sites, including those that border Larrabee and Clybourn Street. The second phase includes a seven-acre site on Halstead and Division, while the final phase of redevelopment will see additional work near Larrabee Street, Cambridge Avenue and Oak Street.
Not to be outdone, the owners of the Chicago Cubs have recently come to an agreement with Starwood Hotels & Resorts in the construction of a brand new hotel under the Sheraton brand. Located in the heart of Wrigleyville, the hotel is sure to be a hit amongst baseball fans and general tourists alike.
The site, which was once home to a McDonald’s fast food restaurant, is part of a $500 million initiative in revitalizing the entire Wrigleyville neighborhood, including the historic Wrigley Field itself. Apart from the 1,300 new jobs that will be created during this initiative, an additional 800 temporary construction jobs will also help to jumpstart the community’s economy.
Accommodating Future Growth
With all of the recent announcements of community redevelopment and revitalization initiatives around the city, it’s safe to say that Chicago is certainly working to improve their overall public image. Moreover, changes like this are bound to set the city, and its residents, up for future growth and success.