Developer Scraps Plans for Wrigleyville Hotel, Hopes for Apartments, Retail
WRIGLEYVILLE — The developers of a failed hotel project near Wrigley Field unveiled a new plan for the property this week that featured more apartments, more retail space, a gym and no hotel.
Developers M&R Development and Preferred Equities Ltd. and architecture firm Solomon Cordwell Buenz introduced new ideas for the space at the southeast corner of Addison and Clark across from Wrigley at Wednesday's 44th Ward Community Directed Development Council meeting.
The closed-door gathering was open to business leaders and ward residents.
Tony Rossi, the developer at M&R Development, said the plan includes 170 apartment units — a 26 percent increase over the previous proposal — space for potential retailers and a 40,000 square foot health club. The developer is courting the chain Xsport fitness.
They also have a letter of intent from CVS to open a store, he said.
Current tenants such as 7-Eleven and Starbucks will be offered space in the new development, Rossi said. A 7-Eleven spokeswoman said they hope to keep a location in the area.
The apartment building would have six stories, and the gym would be two stories, Rossi said. Height for the new proposal would not be far off from the original plan, which was 91 feet at its tallest portion, he said.
Developers intend to include 380 parking spaces, both behind a structure and one level underground.
The proposal still needs city approval and specific measurements will be sent to Ald. Tom Tunney (44th) next week.
The hotel as part of the Addison Park on Clark development fell through because of failed financing. Then, after the Cubs announced a plan to build a boutique hotel in the McDonald's lot recently, developers officially dropped their hotel idea.
"The hotel is a particularly difficult industry," Rossi said. "There's probably not enough [market] for two hotels across the street from each other."
As soon as developers gain city approval — which Rossi expects to take anywhere from three to nine months — and line up financing, the two-year-long construction project will start. Rossi said he expects the development to be completed in about three years.
"We're looking forward to getting things completed," he said.