Photo Credit: Draper & Kramer
A 275-unit tower located two blocks from McCormick Place Convention Center broke ground last week and will open in 2020. The development is a 24-story apartment tower located at 2111 S. Wabash Avenue. Draper & Kramer, a Chicago Developer, is working on the residential part of the development making plans for a neighboring hotel too.
The development won City Council approval in 2016. The proposed plan at that time, included the 144-unit hotel that would be on the northwest corner of Wabash and Cermak Road.
Since the proposal, the surrounding area has gotten lots of additions such as a new Green Line station and two other hotels. This spells good news for Draper & Kramer. The firms executive vice president stated “We didn't want to be the first new building and didn't want to deliver into a market that was still establishing itself. We felt we're now at the point where, by the time we deliver these units mid-next year, the party will be ongoing."
As far as the hotel, originally Draper & Kramer proposed an extended-stay hotel. However, they’re now seeing an increase in demand for luxury rooms. Since a recent increase of 1,600 hotel rooms opening in the area, Draper and Kramer's decision to increase the luxury rooms market has been put on hold.
We will continue to update you as Draper & Kramer continue development on their project near McCormick.