Back in June we published an article about plans by Mexican developer Grupo Posadas to build a new 83-story hotel tower in the West Loop. It would have borne two of the company’s hotel brands — Live Aqua and Dream Hotels.
The developer was very specific about the hotel being in the West Loop, but we tried putting two and two together and just couldn’t make the project work in that location. So we did a bit of conjuring and came up with the notion that this was actually a revival of the old plan for what was once called the Garvey Tower at 201 North Clark Street.
Now Crain’s Chicago Business has dug a little deeper and found a court transcript that seems to confirm what we posited three months ago: That Grupo Postada’s planned skyscraper is actually going to be at the corner of Clark and Lake and replace the current low-rise food court there. The information is contained in testimony given during a bankruptcy trial. It also indicates that several hundred residences will be included in the project.
Unfortunately, the court transcript is just a piece of unrelated paper at this time and does not move this tower toward completion. Earlier this year Grupo Postadas believed it would be able to open the new hotels in 2017. We’re still very skeptical of that ambitions timeline.