S.B. Yen gets $90M construction loan for South Loop hotel project

1101 South Wabash Ave (Credit: Google Maps)
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.

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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.