226 W. Jackson Blvd., Chicago 226 W. Jackson Blvd., Chicago

CHICAGO—Locally-based Phoenix Development Partners’ redevelopment of a storied 14-story office building into a dual-branded hotel will be funded in part by $9.5 million in crowdfunding raised on online platform CrowdStreet.

Phoenix Development recently acquired the 238,000-square-foot building located across the street from Willis Tower in Downtown Chicago from City Colleges of Chicago for $32.7 million. The building was designed by Frost and Granger and completed in 1904, according to Chicago Architecture.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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