Local developers Draper & Kramer have announced a project for the newly emerging McCormick Place Entertainment District that will bring 144 hotel rooms and about 250 apartments to the corner of Cermak and Wabash, steps away from several other planned developments bringing a huge amount of new activity to the area. This project, designed by SCB, features two towers sharing a base: a seven-story hotel tower with metal panel exterior and punched windows that holds the corner, and a 19-story apartment tower clad in glass that is set back slightly from the street. A single floor of parking is included, intended for the hotel and retail customers only.
Draper & Kramer were able to get the Floor Area Ratio they needed through almost $2.3 million in bonuses, coming from a donation toward CTA infrastructure improvements, an affordable housing donation, and an Adopt a Landmark donation. In addition to the donation, the apartment tower will include 10 affordable units. The project's location is key, as it will be only half a block from the brand new Cermak Green Line station. A handful of low-rise businesses currently on the property will be demolished before construction can begin, including the somewhat controversial Shrine nightclub.