Hotel conversion for IBM Plaza
The former IBM Plaza building, located at 330 N. Wabash Street, could get a makeover if developers get their way.
A deal between Oxford Capital Group, LLC and Prime Group Realty Trust could pave the way for the conversion of the first 14 floors of the building into a luxury hotel.
Under the terms of the agreement, Prime Group Realty Trust will seek the designation of the property as a landmark building from the Commission on Chicago Landmarks. The building was the last designed by famed architect Mies van der Rohe.
If the building is given landmark status, it would open up federal tax credits to fund the redevelopment.
A total of 300 rooms would be built, according to plans by the investment firm. The building has lost two major tenants, and the addition of a luxury hotel would ease financial pressure for Prime Group.
The building would be one of many hotel projects underway around the city. The Chicago Real Estate market is seeing a marked increase in hotel conversions around the Loop as well as in other neighborhoods around the city, including the Trump International Hotel and Tower.
Technorati Tags: Chicago Real Estate, Chicago Hotels, IBM Plaza, Prime Group Realty Trust
November 20th, 2007 at 7:57 am
[…] The project aims to help historic buildings around the city that are facing budget shortfalls for badly needed renovations. Several Chicago landmarks around downtown have already undergone major renovation after benefiting from an unusually strong Chicago Real Estate market. […]