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The unsightly asphalt surface parking lot that once occupied 108 North Jefferson in Chicago has long gone. In its place, a 23-storey hotel tower by Jupiter Realty has risen, and its exterior faces are nearly completed. Floors two and three will contain 117 above-ground parking stalls, with amenities positioned on the fifth level.
The building will actually contain rooms operating under two different hotel brands, though both are managed by Hilton Worldwide. Hampton Inn will host 210 rooms and Homewood Suites will boast 128 rooms. A rezoning for the project was not needed, speeding up the approval and construction processes considerably.
Designed by VOA Associates, the project is poised to include nearly 8,000 square feet of retail space along North Jefferson and a generous rooftop terrace, where dramatic city views will be abundant. The crane has been dismantled and windows have sealed in the glazed portions of the building.
Chicago's hot downtown hotel market has experienced record growth in recent years. According to Chicago Real Estate Daily, rising occupancies and room rates in 2015 pushed revenue per available room up eight percent over the previous year. Despite the strength in the market, there are some signs that upcoming developments, like the McCormick Place Marriott Marquis, may lead to an oversupply of hotel rooms. But with Chicago's tourism numbers continuing to climb, attracting 50 million domestic visitors in 2015, that may happen at a slower pace than expected.
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