The West Loop’s highly-anticipated Nobu Hotel has temporarily halted construction as its developer reportedly looks for financing. With its concrete elevator core already protruding a few floors above street level, the 11-story combination hotel and restaurant at the corner of Randolph and Peoria suspended work late last week, reports Danny Ecker of Crain’s.
According to the report, Mark Hunt’s M Development is currently seeking a $52 million construction loan in order to complete the $72 million project. M Development’s lawyers claim, however, the delay is due to “design and programmatic changes” rather than any financial issue. A different source tells Crain’s that work has stopped twice in recent weeks due to payment issues.
The setback is the latest delay for the headline-grabbing but slow moving development. While VIPs such as Hollywood actor and Nobu investor Robert DeNiro were in Chicago for a highly-publicized ceremonial ground breaking in June of 2016, the project didn’t secure a building permit until December. Additional delays meant foundation work did not begin until this May.
Designed by Modif Architecture and featuring interiors by restaurant specialists Studio K, Nobu Chicago seemed like a natural fit for the trendy Fulton Market District when it was first unveiled in 2014. The latest plans call for over 100 guest rooms, an indoor pool, event space, rooftop lounge, and a 10,000-square-foot Nobu restaurant from namesake chef Nobu Matsuhisa.
- Nobu Hotel work halted as developer seeks financing [Crain’s]
- Redesigned Nobu Hotel ‘breaks ground’ but still faces hurdles [Curbed Chicago]
- Previous West Loop coverage [Curbed Chicago]