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Fern Hill Plans Boutique Hotel Along Motor Row
A venture led by Nick Anderson, formerly of Related Midwest, paid nearly $6.3 million last month for a property at 2328 S. Michigan Ave., in the heart of historic Motor Row on the Near South Side, Crain’s Chicago Business reported. Anderson plans to develop a boutique hotel on the site.
Anderson’s real estate investment firm, Fern Hill, which he launched in 2018 after a decade at Related Midwest, bought the property from a venture of Chicago-based real estate firm JRG Capital Partners.
Details of the plan for the 30,415-square-foot parcel aren’t yet clear. However, the Fern Hill website promotes a “Motor Row Hotel” project that would “engage the community and encourage visitors to interact with other local businesses and entertainment venues.”
Crain’s noted that much has changed since Fern Hill acquired the property in February—namely, the coronavirus, which has impacted the lodging sector especially hard.
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