Here’s a model of a unit at the Solis Chicago Hotel Condominiums, an upcoming conversion of Hotel 71 at 71 Wacker Drive. The hotel condo project is one of about 10 planned for Chicago over the next few years.
We wonder if we’re headed for a hotel condo glut, considering so many developers have decided to try their hand at an idea that is untested in Chicago and nobody really has any sense of the depth of the market.
Given The Falor Companies’ experience in hotel condo developments across the country, we’re thinking the Solis may succeed where others fail.
The project is in a good location, overlooking the river and close to Michigan Avenue. The development is backed by an experienced operator, and presumably has some capital behind it in the early stages.
The condos are selling in a broad range of prices too, from the $310s to more than $9 million.