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The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. By clicking Subscribe you agree to our Privacy Policy. Javascript is disabled in your web browser. November 30, PM. Related Articles. Hilton Chicago Magnificent Mile transferred to lender amid pandemic struggles. Drake Hotel, host to royals and mobsters alike, hits market. Cut rate: Suburban DoubleTree sells for a song. Blackstone Hotel hits market as it sets to reopen.
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We also use third-party cookies that help us analyze and understand how you use this website. Magellan has scrapped one hotel entirely, and now plans just rooms. There are now plans for apartments, plus 30 furnished apartments with extended services. The height of the tower has been cut by about 43 feet, to feet, according to Magellan. The building is losing five stories, down to a proposed 47 stories. The design by bKL Architecture has a new look, moving from side-by-side hotels with differing exteriors to a streamlined, sawtooth-style design.
The revised design eliminates a large retail podium beneath the hotels and apartments. Hotels have seen a dramatic slowdown in business since stay-at-home measures began in March. Many downtown Chicago hotels shut down in the spring, and some have not reopened. Properties ranging from residential and office high-rises to the Magnificent Mile shopping district have suffered from the sluggish economy.
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