A proposed 14-story hotel project has been announced for the vibrant Fulton Market neighborhood in Chicago. The joint venture between Cogswell Realty and Erol Stapleton, a New York-based developer and an Elmhurst, IL-based investor respectively, plans to develop the hotel on a parking lot at 1016-1020 W. Lake St., which was purchased by Stapleton’s venture earlier this year for approximately $6.6 million.
According to Crain’s Chicago Business , the boutique hotel will be designed with sustainability and wellness in mind, as well as incorporating unique social impact concepts that are new to the area. Cogswell CEO Arthur Stern stated that their goal is to create a one-of-a-kind asset in Fulton Market.
The developers have filed a zoning application with the city seeking approval for up to 143 rooms; however, they intend on building around 130 rooms according to Stern’s statement. This exciting development will bring new opportunities and growth potential for both visitors and residents of Fulton Market.
