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Development Update: Hyatt Place

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Breaking word from The Trib is that Aldermen are ponying up $5.2M in subsidies for Hyatt Place at Harper Court, the multi-phase mixed-use Hyde Park development growing as we speak. The 131-room hotel, by developers Smart Hotels LLC and The Olympia Companies, will be managed by a franchise of a Hyatt affiliate and will employ some 200 construction workers as well as creating 21 permanent jobs. This is the second city subsidy for Harper Court. The first—$20M—went towards construction of the 12-story office building at 53rd and Lake Park that'll house U of C administration, an L.A. Fitness outpost, and 10-15 small retailers. The hotel is targeting a 2013 opening. [Trib, previously]