The pandemic-fueled closing of All State’s Glenview campus led to the demise of a nearby hotel owner, who’s now selling the property to a firm with residential conversion plans.
A venture of New York-based GoodHomes, wants to buy the 255-room Renaissance Chicago Suites Glenview at 1400 North Milwaukee Avenue and invest $5 million to transform it into a 255-unit apartment complex, Crain’s reported. GoodHomes has been seeking zoning approval from the Village of Glenview and will present more information about the proposal on May 10.
The Renaissance hotel is one of many that have changed hands recently, as the hospitality industry continues to take a beating due to drastically less business travel. Alliance Hospitality Management’s Rolf Tweeten, who owns the property, said “the lodging market in that area has been destroyed.” His venture paid $15 million for the hotel in 2016 and added another $12 million in renovations before the pandemic.
The two firms didn’t disclose negotiation details. GoodHomes Principal David Mitchell believes the conversion project will be a perfect fit for an affluent area where few rental units are affordable, the outlet reported.
“I put before you a plan that gives Glenview an opportunity to attract 355 new professionals into this community,” Mitchell said during an April 12 meeting, “the exact people you want living in Glenview.”
Mitchell proposed rental prices under $1,800 per month for a one-bedroom unit. He said the project would attract the likes of law enforcement officers, medical residents and teachers.
Mitchell launched the GoodHomes brand just over two years ago and has since specialized in hotel-to-apartment projects. The firm now operates in eight states and has close to 20 projects in the works, the outlet said.
Village officials haven’t shown signs of leaning one way or the other, but Mitchell bullishly made a case to approve the redevelopment.
“There are too many hotel rooms that are 30 to 40 years old, and candidly these are obsolete hotels that really don’t have a value because the whole business travel (segment) has changed,” Mitchell said during the meeting. “But they’re fantastic for conversion, and that’s what we’re building a business on.”
—Quinn Donoghue
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