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A New Luxury High Rise With 2 Boutique Hotels Is Planned For The Loop

By Kate Shepherd in News on Sep 9, 2015 9:14PM

Two new downtown high-rises are in the works on West Lake Street in the Loop in the shadow of the CTA elevated tracks, according to Crain's.

An 83-story tower with 600 hotel rooms and 300 apartments is planned for the northeast corner of Clark and Lake streets. Two luxury boutique hotel brands new to Chicago, Live Aqua and Dream hotels, will be located in the tower. Three blocks west at 215 W. Lake Street, developer Thomas Roszak is planning a 33-story high-rise with 265 apartments.

The Loop is increasingly popular with developers who have opened several major hotels there this year. A 694-unit apartment building is currently under construction in Block 37.

There are some hurdles in building the 83-story hotel and apartment building at Clark and Lake, which will require a zoning change from the city. Las Vegas-based private-equity firm Bighorn Capital executive Mark Goldstein said in court that the firm planned to tear down the existing Garvey Food Court building at 201 N. Clark to build the tower. They haven’t yet filed these plans with the City Council, which makes targeted 2017 opening impossible, according to Crain's.

Bighorn and Mexican hotel chain Grupo Posadas signed a 20-year agreement with Hampshire Hotels Management to run the towers' hotels. A unit of Hampshire Hotels runs the Dream Hotel chain (which have been made famous in part due to its "world-renowned playboy" founder Vikram Chatwal) and is in charge of the U.S. expansion of the Mexican Live Aqua chain. Dream Hotels operates popular hotels in New York City, Miami, Bangkok and Cochin.