A new hotel could soon replace a Catholic school building on the Near North Side.
Developers Robert Buono and Paul Utiguard have filed a zoning application to build a 114-room hotel at a former catholic school located at 1035-1065 N Orleans St., according to Crain’s.
Their hotel will compete with the 216-room hotel at 808 N. Cleveland Ave. by developer Daniel Rezko.
The booming interest in the hospitality industry for the Near North Side area comes from a wave of successful tourism over the last few years. In October of 2018, The Real Deal reported Chicago’s occupancy rate nudged up by 10 basis points to 68.9 percent over a 12-month period, though there are also signs the downtown market could be overheated, especially in Fulton Market.
The property Buono and Utiguard seek is owned by a Chicago-based real estate investment company Glascott, which bought the property from the Archdiocese of Chicago in May. Other investors involved with the project include Robert Baum and Mike Downing who are experienced in the hospitality business with boutique hotels in Wrigleyville.
The eight-story hotel would include converting an already existing gymnasium into a 450-person hall for events. Their proposal didn’t include parking space for the building, since it is close to public transportation – a factor the developers hope will win the the proposal approval from the city. [Crain’s] — Jacqueline Flynn