After a lengthy delay, work on a stalled hotel conversion of the 1916 Atlantic Bank Building at 168 N Michigan appears to finally be back on track. Purchased by developer Musa Tadros in 2012 for $7.25 million, the 12-story vacant building was originally slated to become a 156-room Hotel Indigo. Despite starting restoration work on the building's exterior, Tadros was unable to secure the necessary building permits for the hotel build-out pending an air rights deal with the adjacent Crain Communications Building. The permitting impasse left the historic building’s terra cotta facade looking like swiss cheese every since.
In December, Oxford Capital — the same group that developed and flipped the nearby London House hotel — took the derelict property off of Tadros' hands for $20 million. While the deal with Indigo failed to survive the delay, Oxford is still looking to develop 168 N Michigan into a 16-story hotel with original plans for four-story rooftop addition still in the cards. An operator has yet to be announced, but the number of guest rooms has reportedly grown to 200.
The project would be another new addition to the so-called "Millennium Mile," the stretch of Michigan Avenue located just south of the Chicago River. It will join Oxford’s 452-key London House as well as the recently occupied 41-story MiLa (Michigan + Lake) apartment tower when it opens sometime between fall 2017 and spring 2018.
- Stalled Michigan Ave. Hotel Plan Finds New Owner in Neighbor [Curbed Chicago]
- Previous Loop coverage [Curbed Chicago]