“Without question this is the right product for the site…This would be killer.”
– W Developments principal David Wallach, on his decision to build a 179-room hotel, seen above at the site of his two failed West Loop projects, One and 123 North Sangamon, seen below.
We’ve known for months that One, the 64-unit condo development at 111 N Sangamon St, was a no-go, but this is the first time I’ve seen confirmation that the 45-unit loft conversion up the street at 123 N Sangamon St was dead in the water. At least two-thirds of that project were under contract in late 2007, according to Crain’s, but many of those buyers had fallen off by the spring of 2008.
@properties agent Marty Winefield told Mark in April that W Developments would finish 123 North Sangamon’s lofts and offer them up for sale or rent. They’ll now be repurposed as “dramatic urban loft” suites, which will stand alongside a new-construction hotel where One would have been.
The news peg here for all you West Loop home buyers is that NYLO Hotels promises to bring in “unique restaurants/bars as high-energy social hubs.” You know, in case you’re tired of boozing it up in your building’s community room.