Congress Plaza Hotel sold, residential conversion planned
According to Crain's Chicago Business, The Congress Plaza Hotel, a massive structure at Michigan and Congress, is under new ownership. A joint venture of New York investors will snap up the property for $275 million, or about $315 per key, Crain's reports.
Some of the 871 rooms will remain as guestrooms, but a portion of the property is set to be converted to condominiums. Residential development -- both new construction and adaptive reuse -- has been steady in the central business district. A study commissioned by the Chicago Loop Alliance notes a 196% rise in Loop households between 2000 and 2010; in 2010, more than 20,000 residents lived in the Loop proper, and nearly 30,000 residents in the central business district.
Condos at The Congress Plaza will join a number of notable condo conversions in the district, including its Michigan Avenue neighbor Metropolitan Tower and the recently delivered Randloph Towers.