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Development Watch: The Seneca

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Waterton Associates, owner of the Presidential Towers, is buying Streeterville's Seneca apartment hotel. Intent is the big question mark, but Crain's takes an educated guess at a likely conversion to conventional apartments, similar to the Laramar Group's plan for the Belden-Stratford, bought last month for $60M. Also like the Belden-Stratford deal, this is another of IRMCO Properties' holdings. Built in 1926, the Seneca is a classic remnant of the apartment hotel fad of the Roaring Twenties. The 16-story building at 200 E Chestnut is well-positioned for a renovation and rent hike of its 264 units. The purchase price has not been determined. Also hitting the market courtesy of IRMCO is the Sovereign, on the southern edge of Loyola's Edgewater campus. [Crain's]