WRIGLEYVILLE — The owner of several local bars aims to revitalize a long-stalled boutique hotel project near Wrigley Field by downsizing room numbers and adding more bars.
Four Corners Tavern Group, owner of bars like Schoolyard Tavern & Grill, 3258 N. Southport Ave., and Kirkwood Bar & Grill, 2934 N. Sheffield Ave., purchased about $3.9 million in outstanding loans on a boutique hotel project at 3469-75 N. Clark St., according Chicago Real Estate Daily.
Andy Gloor, co-founder of Four Corners, intends to take over the development and finish the project, cut the planned number of rooms in half to 22 and add bars on the ground floor and the rooftop, he told CRED.
The planned boutique hotel was first announced in 2007 by owner Tim Collins, who is also president of Main Event Tickts and was initially intended to open as early as summer of 2008.
But financial difficulties, including two foreclosure suits last year, stalled the project. Collins still wants to finish the hotel himself, according to the report.
Lakeview's master plan has called for more boutique hotels, but developers have yet to complete a project. Aside from Collins, developers of the long-planned Addison Park on Clark project ultimately ditched the hotel idea this year and instead plan to build a mixed-use retail and housing building.
This year, two other boutique plans for Lakeview have been announced. The Ricketts family's plan to build a hotel on the McDonald's property, and Ian Reisner of Parkview Developers LLC has been battling to get an LGBT-focused resort in Boystown approved by neighbors.
Both plans still need approval from the city to move forward.