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Hotel planned for West Loop landmark
43 mins ago
The deal begins the redevelopment of a building that was formerly the headquarters of MB Financial Bank, but has been
vacant for over a decade as the surrounding area has changed dramatically. The Neighborhood Hotel Company, which launched its first location in Lincoln Park in 2020, plans to convert the upper floors of its West Loop property into 80 apartment-style hotel units, which it says is the company’s largest project to date. said Jonathan Gordon, CEO of Neighborhood Hotels.
“The business plan is to provide a well-designed basecamp for travelers to immerse themselves in the neighborhood, with all the comforts of a vacation rental and the quality of a hotel,” Gordon said. This is a special building and one of the last historic assets in the West Loop that has yet to be redeveloped.”
In addition to the Lincoln Park location at 2616 N. Clark Street, Gordon opened the Neighborhood Hotel outside New Buffalo, Michigan, redeveloping the former Italian-American Sports Hall of Fame in Little Italy into a 35-unit hotel and recently purchased another property in a different location in downtown New Buffalo.
But no project is more ambitious than 801 W. Madison. Gordon plans to convert his floor of the building’s long-untouched office into a hotel unit with a full kitchen, washer and dryer.
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The
801 W. Madison building became a Chicago landmark in 2012, joining a long list of former neighborhood bank buildings that the city began designating as landmarks five years ago. The West Loop Building was built in his 1911 and refurbished in 1928, adding a new façade and renovating the first his second floor Grand Banking Hall. Today, the building is adjacent to Mariano’s Grocery Store and a luxury apartment building, Kitty’s Corner at Whole Foods.
“It’s frustrating to see this building dormant for so long. It’s amazing to know it’s coming back to life,” said Chacon. And it’s a real shame that the gateway[to Madison]has long fallen apart.”
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