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JV Proposes New Hotel for Fulton Market
A joint venture of New York-based developer Cogswell Realty and Elmhurst, IL-based investor Erol Stapleton have proposed a 14-story hotel project at 1016-1020 W. Lake St. in Fulton Market, reported Crain’s Chicago Business. The hotel would be developed on a parking lot at the northeast corner of Lake and Carpenter streets, which a Stapleton-led venture bought earlier this year for nearly $6.6 million, public records show.
Cogswell CEO Arthur Stern told Crain’s that the boutique hotel will feature a “new independent hospitality concept” that “will incorporate innovative strategies for sustainability, health and wellness.” The development will also feature “social impact concepts to create a first-of-its-kind asset type in the dynamic Fulton Market neighborhood,” according to a statement.
A zoning application filed with the city shows the developers are seeking the right to build as many as 143 rooms at the hotel, though Stern’s statement said the developers intend to build only about 130.
- ◦Development
