The stalled out renovation of the old Atlantic Bank Building on Michigan Avenue near Millennium Park will move forward under new management. According to Crain's, a venture led by Oxford Capital Group has acquired the building for $20 million and plans on keeping the hotel plan for the building in place. The project will become Oxford's second hotel project for this stretch of Michigan Avenue as the developer is currently working on the renovation and relaunch of the London Guarantee Building as the LondonHouse hotel. The Atlantic Bank Building's previous owner had been caught in a permitting maze which required the cooperation of the neighboring Crain's Communication Building at 150 N. Michigan Ave. Instead of dealing with the messy permitting process, developer Musa Tadros took a competing developer up on their offer to purchase the property.
If completed as planned, the ~200-room project will become one of several vintage downtown towers that have, in the last couple of years, received makeovers and new life as hotels. In addition, it'll join a few of these hotel conversions on the stretch of Michigan Avenue that starts at the Chicago River on the north end and stretches down to the end of Millennium Park. Some developers have referred to this stretch as Millennium Mile as the upcoming hotel and retail projects planned for the strip may help draw Mag Mile shoppers south of the river and towards Millennium Park.
·LondonHouse developer buys stalled hotel project on Michigan Avenue [Crain's]
·Hotel Boom Town archives [Curbed Chicago]
·Millennium Mile archives [Curbed Chicago]