Jeff Shapack of Shapack Partners is well on his way to building nothing short of a hospitality empire in Chicago’s hot Fulton Market District. The Soho House developer is not only preparing to start work on the 175-key Hoxton hotel at 200-208 N. Green Street, but is further upping the ante with a 245-key extended-stay hotel proposed for the southwest corner of Lake and Halsted. According to recent paperwork filed with the city, the planned development would replace a surface parking lot operated by Heneghan Wrecking with a new 20-story tower.
For this project, Shapack is once again teaming up with Focus Development and Atlantic Realty. The trio partnered on the recently-completed The Parker Fulton Market luxury rental tower located east of the Heneghan lot. As currently proposed, the Lake and Halsted hotel will top out at 240-feet and will feature a rooftop pool deck, ground floor retail, and a green roof. The lobby entrance will front Halsted while access to the development’s loading dock and 50-stall garage will take place on the east-west alley running parallel to Lake.
While many new Fulton Market developments have matched the vintage industrial aesthetic of the neighborhood (either by choice or under the guidelines of the Fulton landmark district), GREC Architects have penned a decidedly more modern design which sees the hotel transition to a glass and metal facade system above its 36-foot masonry-clad podium. The Chicago-based design firm is collaborating with New York architect Morris Adjmi on Shapack’s Hoxton project and is also behind the nearby Ace Hotel rising at 311 N. Morgan Street.
Starting with the Lake and Halsted’s underlying zoning of DX-7, the development team plans to boost the parcel’s base Floor Area Ratio (FAR) of 7.0 up to 11.5 with a $1,265,328 payment into the city’s recently-adopted Neighborhood Opportunity Fund. They will make $158,166 payments to both Chicago’s Adopt-a-Landmark Fund and Local Impact Fund. The bonuses equate to roughly a 65% increase in allowable density.
At this early point the developers are still mum on which hotel brand will fly its flag at the planned tower, but Jeff Shapack did reveal to Crain’s that the project’s intended operator will not be a name that immediately comes to mind. The extended-stay nature of the hotel hopes to fill an ever-growing niche created by Fulton Market’s emergence not only as a hub for small start-up companies but also large corporate tenants such as Google and McDonald's. The planned development still needs to pass the Chicago Plan Commission, Zoning Board of Appeals, and City Council before work can begin.