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CHICAGO-MCM Realty Ltd., based here, has received the approval of the city’s zoning board to convert the 12-story North West Tower into a 90-room hotel. The property previously operated as an office building.

Company president Krysztof Karbowski tells GlobeSt.com that his company is eager to move forward with the project to remodel the Bucktown building at 1600-1608 N. Milwaukee Ave., but declined to comment further on the development. His firm, which is based in the nearby Chicago neighborhood of Wicker Park, will have three years to make use of the special-use permit before it expires. The hotel conversion will reportedly cost around $15 million, including the $5 million an affiliate of the company paid to acquire the property last year. This will be MCM’s first hotel development in the region.

The building sits at the corner of North, Damen and Milwaukee avenues. It was constructed in 1929 out of granite, limestone, concrete and brick. The property is very close to a Chicago Transit Authority elevated train station at that same intersection.

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