With new hotel development reaching fever pitch, it's almost bizarre to encounter a developer eliminating rooms. But that's precisely what the Belden Stratford's new owner, Laramar Group, is up to in Lincoln Park. The historic 15-story parkside building has always had some mix of hotel rooms and apartments— the most recent balance was 68 hotel units and 229 rental apartments. According to a press release, Laramar is erasing those 68 bookings, renovating them, and returning them to the luxury apartment pool. The existing units are studios, one- and two-beds, renting for $1,024 to $3,995. There's no indication that pricing will undergo any drastic changes. The renovations have just begun and will take roughly three years to complete, but pre-leasing is already underway. [Laramar Group: Belden Stratford, image via the Belden Stratford site]
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