A developer who has proposed a new 620 guest room hotel development at 740 North Rush Street, right off the Magnificent Mile, will have to abandon its plans, as Alderman Brendan Reilly has recently announced that he will not support the proposal. The Alderman states that he and the development team have been talking over the plan, and tweaking it for the last two months, but ultimately, a 620 room development that would include a 45 story tower and the Giordano's building at Rush and Superior, was far too ambitious for the site.
In a release, Reilly stated:
After spending the past two months reviewing the proposal and associated traffic analyses to determine whether changes could properly address these challenges - I have concluded that the proposed 620 hotel keys, split across separate hotel flags, is simply far too ambitious for this location already surrounded by failing intersections (from a traffic engineering perspective) and high-density buildings... As a result, the proposed 620 key hotel development for 740 North Rush Street will not be moving forward. The proposal consisted of two hotel brands, a Hyatt Place in the tower's lower levels, and a Hyatt House towards the top. Combined, the two hotels would have included 620 guest rooms. The development would not have included on-site parking, rather the plan was to feature valet-style parking entirely. However, despite the parking concessions, residents and Ald. Reilly both believed that the density of the project could negatively impact traffic, and create even more congestion in the area.
There are still many hotels in the works for downtown Chicago, so the loss of this one proposal likely won't cause any major waves, however, developers may have to curb the ambitiousness of future plans if they are seeking a quick and painless zoning process.
·Proposed Rush Street Double-Hyatt Gets First Look [Curbed Chicago]
·A Deep Dish Pizza With 613 Rooms On Top Coming To Rush St? [Curbed Chicago]