A historic private club that’s fallen on hard times is listing its nearly century-old building in the Loop as the organization weighs its future.
CBRE was hired to find a buyer for part or all of the Standard Club’s 13-story building at 320 South Plymouth Court, Crain’s reported. As a whole, the building could be worth $15 million, but the land could be even more valuable given its prime location, sources told the publication.
The Standard Club is closing May 1 amid operating losses, declining membership, debt and inability to give the building a needed renovation. It hopes to find a way to continue on in a new home.
“We are optimistic that we will find a partner with whom we can enter into a synergistic business relationship,” the club said in a statement to Crain’s.
The vintage building, which is amenitized for hosting special events and social gatherings, could be a good candidate for a boutique hotel.
Several operators told Crain’s they’d be interested in pursuing a sale.
Another local private club, the Chicago Athletic Association, was forced to close its building at 12 South Michigan Avenue in 2007 and it eventually reopened under new owners as a boutique hotel, the Tribune reported. [Crain’s] — Brianna Kelly