Construction Under Way on Blackstone Restoration
CHICAGO, IL, April 12, 2006. Work is now under way on the $112 million restoration of the former Blackstone Hotel, which is slated to become a Renaissance hotel by fall 2007 on Michigan Ave.
Sage Hospitality and JP Morgan Chase Bank are redeveloping the future Blackstone Renaissance Hotel. Sage will manage the hotel when it opens. The project's architect is Lucien Lagrange, the interior designer is Gettys Group and the general contractor is James McHugh Construction Co.
When complete, the refurbished 22-story hotel will contain 330 rooms, 12,000 square feet of meeting space, a signature restaurant and a street level lounge and outdoor caf'e.
Because the Blackstone Hotel is listed on the National Register of Historic Places, its architectural integrity has to be preserved during this project. As a result, the hotel's facades and terra cotta cladding on the exterior will be retained and restored. Other interior features that will be preserved or restored include the main lobby, the original grand ballroom, the marble-clad barbershop and the presidential suite, among other aspects.
In making this project possible, a Tax Incremental Finance agreement from the city was formed. The federal government also provided Historic Preservation Tax Credits and New Market Tax Credits for the project. The lender on the project is Prudential Insurance Co. of America.
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