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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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