A new plan has emerged to convert Northwest Tower (AKA The Coyote Building) at the northwest corner of North, Milwaukee and Damen into a boutique hotel. Crain's reports that a joint venture that involves AJ Capital, the same group that's converting the Park View Hotel in Lincoln Park into a boutique hotel, is looking to acquire the iconic 12-story tower. A couple of years ago, developer Krzysztof Karbowski attempted a similar hotel conversion, only to default on his construction loan. Despite opposition from the alderman and neighborhood residents, Karbowski got zoning approval for the hotel in 2008. Why did his plan fall short? According to Paul Sajovec, Ald. Scott Waguespack's chief of staff, there was a "lack of sophistication" in the planning. The new developers haven't named a hotel operator yet, and they still have to gain control of the tower from Karbowski, who was hit with a foreclosure suit last year.
· Bucktown's six corners sees burst of development [Crain's]
· Park View Hotel Set To Reopen as 'Hotel Lincoln' [Curbed Chicago]
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