$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.

Chicago Approves New $150M Office Tower

The City of Chicago has approved the construction of a 20-story office building at 625 West Adams Street in Chicago's West Loop on land owned by Old St. Patrick's Church. The project, being developed by The Alter Group in partnership with White Oak Realty Partners, is expected to cost about $150 million and will be the first office building constructed in downtown Chicago in two years, according to a REJournals.com article.

Matthew Ward, senior vice president with The Alter Group, said in the statement that there are no large blocks of office currently available in the area. "The building is uniquely positioned to attract the sophisticated, cost-effective corporate user that understands the numerous economic benefits of being in a high-performance office building with large floor plates," he said.

"The project will include a 400-car parking garage and a community center serving Old St. Pat's, which will have the potential to seat as many as 800 people on the first two levels. The involvement of Old St. Pat's Church – a neighborhood landmark that survived the Chicago Fire of 1871 – assures a high profile for this project that is likely to appeal to prospective users," said Tom Saletta, Principal, White Oak Realty Partners. The building was designed by Martin Wolf, FAIA, Design Principal/Senior Vice President with Solomon Cordwell Buenz and Associates in Chicago.

For more news and information visit Blumberg Capital Partners.