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Development Venture Seeks to Bring Standard Hotels to Chicago
A venture of New York-based DDG and locally-based Marc Realty is planning to redevelop a dairy supply industrial facility in the Fulton Market District into a 13-story hotel with at least 250 keys, Crain’s Chicago Business reported.
The $105-million development would be the Midwest’s first Standard Hotels location, and would be the biggest lodging property to date in Fulton Market.
Crowdfunding platform Prodigy Network aims to raise $55 million for the project, with an eye toward acquiring the current industrial property at 1234 W. Randolph this year. A 2021 opening is projected.
Sources said to be familiar with the project told Crain’s that the DDG-led venture plans to purchase unused density allowance from City Winery next door for the nearly half-acre site, in order to develop a 175,000-square-foot building. A property of that size couldn’t be developed otherwise under the current zoning.
Pictured: The Standard Hotel in New York
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