Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Chicago & Midwest  + Downtown  + Office  | 

Tower in Chicago’s Streeterville Neighborhood Has Plan to Repurpose as a Hotel 

In an innovative twist designed to repurpose empty office space, the principals of an apartment tower in the tony Streeterville neighborhood on Chicago’s Near North Side want to turn some of the building’s empty office space into a short-term rental hotel, according to Crain’s Chicago Business.

The tower’s owner Group Fox has teamed with short-term rental expert and operator Sonder. The two have revealed plans to convert five floors in the 446 E. Ontario St. building into a 101-room hotel. Crain’s based its information on a letter about the proposed project addressed to the Streeterville Organization of Active Residents, a neighborhood group.

The 446 E. Ontario building is smack in the middle of the enormous Northwestern Memorial Hospital campus, which occupies more than a half dozen square blocks in the area. The principals of the 446 Ontario St. building believe there will be strong demand for their hotel from people who are in town to see Northwestern Hospital for one reason or another, they told Crain’s.

Photo courtesy of Group Fox.

Connect

Inside The Story

Group FoxSonder

About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.