Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.