Back in 2007, plans for a stunning Waldorf-Astoria hotel were in development for the site just north of the Sheraton Hotel & Towers in Streeterville. The proposed hotel / condominium tower would have soared 1,265 feet in the sky and become a striking addition to Chicago’s skyline. Unfortunately, like many ambitious projects proposed around that time, the development fell victim to the troubled economy and was cancelled in 2009.
In 2010, Chicago futures trader Donald Wilson Jr., acquired the loans for the property from developer Christopher Carley and has since been putting together his own development team. Last week, the Chicago Sun-Times reported that Donald Wilson has hired developer John Buck to advise on the deal and the architectural firm Solomon Cordwell Buenz (SCB) to design the project. SCB has designed other buildings in the Streeterville neighborhood, including the new apartment tower that has begun construction at 500 N. Lake Shore Drive. Wilson and his team have plans to build a 50-story tower at the site, bordered by Illinois St. on the North, New St. on the East, and North Water St. on the South. The proposal includes rental apartments on the higher floors and a hotel on the bottom floors. Wilson is already in agreement with the Lowes hotel chain to run the hotels’ operations.
Based on the artist renderings (below), we can anticipate that the apartments in the tower should be on the higher-end, which should hopefully help with the recovery of property values in the area. This project will add to the already long list of luxury apartment building options in Streeterville, including 600 N Lake Shore, 505 N McClurg, 600 N Fairbanks, 240 E Illinois, reaffirming Streeterville’s status as a premier neighborhood in Chicago. Stay tuned for more developments as the proposed plans are still in their early stages.
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