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Developer To Replace Giordano's Near Mag Mile With Hotel

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A developer has announced it is purchasing the building at 740 N. Rush Street, just one block west of Michigan Avenue, and will replace the popular Giordano's restaurant with a new hotel. Sitting directly across the street from the Peninsula Hotel, this new development will be one of several new hotels that are planned for the River North district.

At the moment, details on the new project are mum, however developers have been eyeing the location since Crain's moved out of the 127,000 square foot location in 2001. In November 2011, a private equity firm purchased a large stake of Giordano's assets out of Chapter 11 bankruptcy, including this property for $15 million. It's likely that this prime real estate will fetch quite a bit more than its 2011 sale price once the property changes hands again. Some are questioning whether Chicago is in a rush to build too many hotels too fast, but with five major openings planned for 2014 and at least 15 more in various stages of planning it seems developers are not interested in the warnings.

· More hotel rooms coming to Mag Mile market [Chicago Real Estate Daily]
· Previous Hotel Boom Town coverage [Curbed Chicago]