The Chicago Journal is reaffirming news broken last month by Crain's (behind their pay wall) that developers are at work on a large-scale proposal for hotel and retail in the South Loop. And they've brought a rendering and site plan to the party. Known as Prairie Blocks, it would come in two phases and be located near McCormick Place bracketed by Cermak, 21st St., Calumet, and Indiana. The project calls for two hotels and roughly 100,000 square feet of retail space. As an added bonus, the historic American Book Company Building at 330 E. Cermak would be spared the wrecking ball. The future of these plans, however, remains uncertain given that project is embroiled in a bankruptcy case. Ald. Bob Fioretti (2nd) had this to say: “I throw my arms up because it’s going to be a long haul on this property. There’s got to be multifaceted financing, and every time I talk to all the financing people, they all say, ‘She’s got to get out of bankruptcy first.’” The price tag for the project is $550 million.
·Hotel, retail complex proposed near McCormick Place [Chicago Journal]