Initial details have been revealed for the potential hotel conversion of the Burnham Center at 111 West Washington Street in The Loop. Located on the corner of West Washington Street and across from Daley Plaza, the historic landmark dates back to 1913 and currently serves as an office building with a 23 percent occupancy rate.
Site context map of Burnham Center via Google Maps
Originally named the Conway Building, it was the final design of famed architect Daniel Burnham before his death. The name itself came from the hometown of Marshall Field, whose estate funded its construction at his request to invest $83 million in Chicago real estate. These investments also included The Pittsfield and the Field Building, both of which are undergoing their own conversions.
View of Burnham Center via Golub & Company
The Beaux-Arts structure rises 12 stories and features a large central atrium designed for ventilation and natural light. This will be beneficial for the conversion, which is being led by developers Igor Gabal and Mike Reschke, who have worked on various other projects across downtown, including the Thompson Center. The pair purchased the building for $5 million last year.
View of Burnham Center via Golub & Company
Plans call for a partial conversion of the structure’s 585,000 square feet into 250 to 300 hotel rooms, along with a new column-free ballroom within the atrium. While few additional details have been released, the project will join several other nearby hotel proposals. Funding is expected to follow a similar model to other LaSalle Street Reimagined projects.
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Love this, we have gorgeous buildings and need to deal with the reality that offices are not in need of the space they required 20 years ago. Would love to see the city be a leader of refurbishment
Cities change. Whatever new office development comes will probably start to develop in other parts of the city such as West Loop, whatever lincoln yard projects that come out, etc.
This part of the loop needs to change if it wants to survive. It certainly has the infrastructure and location to support a big surge in population!
Surprised it’s not being pitched for more residential conversion but whatever breathes new life in a historic building is good news to me.
Probably cheaper. You don’t have to build out functioning kitchens, potentially washer/dryer and other amentities that long term residents need in each unit. Guests just need a basic 400 sq foot room to stay in.
And other stuff like not having to abide to 25% of units being designated for lower income helps out too.
It’s a gorgeous building with a prime location for enjoying culture, arts, theater and dining in downtown Chicago; as well as multiple modes of nearby transportation. Given the office vacancy rates, this feels like a major win for the city, and for breathing new life into the Loop.
Looks taller than 12 stories?
From the picture, I count 19 by the unscientific method of assuming each row of windows is one storey.
Wait, so they bought this building last year for $5 million?
Five million dollars? WHAT?! That can’t be correct.
That is the STEAL of all STEALS. How can I get in on action like this?
yes the only $5 million and 12 stories tall part seems way low…
I mean, if I bought this property for $5 million I would simply flip it for $25 million and make a $20 million profit, easy money.
Even in its diminished state of performance, this property should have sold for somewhere between $40-60 million, just by virtue of its size, historic importance, and location.
That $5 million simply cannot be the correct figure
I’ve got 5 on it