Work is underway on the new Hotel Indigo (168 North Michigan Avenue), the fourth hotel announced or under construction within a three-block strip of the northeast Loop.
The world’s first Virgin Hotel has been under construction for some time at 208 North Wabash Avenue, just one block northwest of the future Hotel Indigo . A little over a week ago, a Hilton Garden Inn hotel was announced for 66 East Wacker Place (nee East South Water Street), one block north. And one block further on, the owners of the London Guarantee and Accident Building (360 North Michigan Avenue) also announced big plans to turn the highly-visible classic building into a hotel.
Construction crews have already cleared out the vagrants, and are peeling off the building’s lower facade to work on the bones of the 1912 building designed by Marshall and Fox. It is currently 12 stories, but like quite a few buildings in The Loop, it was designed to have more floors later in life. That time has now come, and the building’s Hotel Indigo phase of life will bring it to its fully intended 16 stories.
According to a year-old Crain’s Chicago Business story, Crown Commercial Real Estate and Development is spending $30 million to convert the former Atlantic Bank building into a Hotel Indigo. It originally opened as the headquarters of the Federal Life Insurance Company, and was one of the design and architectural wonders of its peers who envied its lobby and public areas paneled in rich mahogany, and its facade’s terra cotta details that put its rivals to shame.