CHICAGO-Hard Rock Café International, the restaurant and hotel chain, is in the final stages of negotiations with Mark IV Realty Group to convert the Carbide & Carbon tower into a hotel and restaurant, according to a published report.

The report says the proposed redevelopment would cost $80 million and would involve converting the 38-story Art Deco tower into a hotel. A Hard Rock Café restaurant is proposed for a site next door, the report says.

Mark IV Realty Group bought the Carbide & Carbon Building three years ago and has wanted to convert it into hotel space ever since. Plans to redevelop the site for Minneapolis-based Radisson Hotels and Resorts fell through.

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