Another downtown Chicago surface parking lot is biting the dust. Crain’s Chicago Business reports that OTO Development plans to build an 18-story Hyatt Place on the lot at 28 North Franklin Street.
This is the latest in a series of hotel openings and proposals in the last few years in the heart of Chicago’s financial district.
- Two blocks away from this proposed Hyatt Place, a Marriott Place is planned for 39 South LaSalle Street
- One block south of there, Kimpton Hotels is busy working on its 280-room property
- Next door, 100 West Monroe is becoming the Hyatt Chicago The Loop
- Another block and a half south is the huge and swanky JW Marriott which opened not too long ago
Across the street from the JW is the W Chicago City Center, which for years had this micromarket to itself. It was great for business travelers, but left a lot of tourists confused when they’d emerge on a Saturday morning to a desolate, abandoned downtown.
That’s changing, as more and more residential buildings open in The Loop, along with the hotels mentioned above, and an increasing stream of tourists make their way from Union Station to Michigan Avenue. Very slowly, restaurants and other retailers are catching on that there might be enough life in the Loop beyond the glow of the theaters to stay open after 3pm and on weekends.
If you’re into trivia, 28 North Franklin Street was once the location of Loyola University’s law school.