CHICAGO-The ownership of the Chicago Place mall is once again marketing the upper floors of the property for hotel use.
The ownership of the property at 700 N. Michigan Ave. had floated the idea of a hotel conversion six years ago, but abandoned the plan once the recession took hold, according to Crain's Chicago Business. Now, the New York-based owner of the property has hired ABS Partners Real Estate LLC of New York City to find a hotel chain or developer to lease the approximately 190,000 square feet of vacant space on floors two through eight of the eight-floor mall.
The street level retail of the Chicago Place mall is filled with tenants Zara and AllSaints, and anchored by a Saks Inc. department store.
“We have a lot of interest in it from a lot of the main flags,” says Alex Adjmi, president of New York City-based ACSH Management Corp. and an investor in the property. He adds the space could accommodate approximately 200 hotel rooms. See story in Crain's Chicago Business.
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