$210M 52-Story Tower Breaks Ground in Chicago

Loews Hotels & Resorts and DRW Trading Group broke ground this week on a new $210 million mixed-use project in Chicago. The 52-story tower at Illinois Street and Park Drive, developed by DRW and designed by the architectural firm Solomon Cordwell Buenz, is expected to deliver in 2015. When complete, the property will be the home to the 400-room Loews Chicago Hotel, 398 luxury residential apartments, a signature restaurant, more than 25,000 square feet of innovative meeting space, multiple outdoor terraces, a spa/fitness center and an outdoor rooftop including a pool overlooking the city.

Jonathan M. Tisch, Chairman of Loews Hotels & Resorts and President and CEO of Loews Hotels & Resorts, Paul Whetsell were joined by Donald R. Wilson, Jr., Founder and CEO of DRW Trading Group and the Honorable Mayor of Chicago Rahm Emanuel at the groundbreaking ceremony.

"Even with Chicago's hotel occupancy at a record high last year, companies continue to build more hotel stock as more and more tourists, business travelers and conventions are flocking to Chicago," said Mayor Emanuel. "I am pleased to see this hotel rise from the ground, creating hundreds of jobs, and setting up Chicago to continue its growth as one of the premiere destinations in the entire United States."

For more news and information visit Blumberg Capital Partners.