Arlo Chicago, Chicago, IL
Adaptive Reuse of Vacant Office into Luxury Boutique Hotel
arlohotels.com
In December 2015, together with its local development partner, Quadrum completed the acquisition of an existing 77,350 sf vacant, partially demolished office building in Chicago, IL. Located on Michigan Avenue, the site is in the immediate vicinity of Millenium Park, Chicago’s most popular tourist attraction. It also occupies the heart of the central business district, with over 250 million sf of office, retail, and multi-family space.
The property is zoned for up to 99,279 sf and will be renovated and repositioned as a 204 key boutique hotel with ground floor retail / restaurant space.
The current investment strategy is to redevelop the existing building, including a 4-floor addition to maximize as-of-right FAR, and reposition the property as a high-end boutique hotel property.