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City Proposes SRO Rehab for Mark Twain Hotel
One of the Near North Side’s last remaining residential hotels would be preserved and rehabilitated as a 148-unit, affordable, single room occupancy (SRO) building through financial assistance proposed to City Council late last week.
The Mark Twain Hotel at 111 W. Division St. would receive city assistance with a $30-million bond issue, a $5 million multifamily loan and $1.3 million in Low Income Housing Tax Credits that would generate $12.3 million in equity for a 148-unit rehabilitation project.
Rental assistance would be provided by the Chicago Housing Authority for 141 units. The remaining seven units would be made affordable to residents at up to 80% of area median income.
Work on the $52.8-million project started in late 2016, following the building’s acquisition by NHP Foundation through the Emanuel administration’s SRO Preservation Initiative. Designed in the Art Deco style, the five-story building opened as a rooming hotel in 1930.
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