1101 South Wabash Ave (Credit: Google Maps)
A South Loop hotel project that’s been in the works for more than two years just got a $90 million shot in the arm.
Hinsdale-based S.B. Yen Management Group received a construction loan from Access Point Financial, according to Cook County records.
Plans for the two-tower hotel development at 1101 South Wabash Avenue call for a total of 281 hotel rooms. The project would also include about 3,500 square-feet of ground-floor retail, as Curbed has reported.
Work on the project began in 2017 with the demolition of a parking garage that had been on the property.
The site will be developed as-of-right and won’t need any special zoning changes.
The South Loop is in the midst of a development boom that includes high-profile projects like the 76-story, 792-unit One Grant Park; Essex on the Park, a 56-story, 479-unit rental tower; and a 74-story, 323-unit condo tower known as 1000M at 1000 South Michigan Avenue.
Calls to S.B. Yen and Access Point were not returned in time for publication.