Plans have been revealed for the residential conversion of the existing hotel building at 201 East Walton Place in Streeterville. Sitting on the corner with North Mies Van Der Rohe Way, the property currently operates as Sonesta Extended Stay Suites and would close ahead of the conversion. Efforts for this are being led by Churchwick Partners.
Rendering of 201 E Walton Pl by bKL Architecture
Late last year, the New York–based developer purchased the property for around $3 million, having secured a $68 million loan soon after for the upcoming work. Since then, they have brought on local design firm bKL Architecture to work on the updated interiors and layouts. The 18-story structure dates back to the 1950s and has long served as a hotel.
Rendering of 201 E Walton Pl by bKL Architecture
Rendering of 201 E Walton Pl by bKL Architecture
Plans call for a phased approach to convert the existing 221 hotel rooms into 221 apartments. These would be made up of 110 studios, 80 one-bedroom, and 31 two-bedroom layouts; the conversion would be facilitated due to the nature of extended-stay hotels having larger multi-room accommodations already built.
Ground floor plan of 201 E Walton Pl by bKL Architecture
Renderings of 201 E Walton Pl by bKL Architecture
Residents would have access to a 72-vehicle parking garage that is to remain, along with a lounge, fitness room, coworking space, dog run, and small outdoor terraces. The team will now need to receive zoning approval, which they plan to do by the fall, with the hotel closing in December. Construction would take up to eight months for a mid-2027 opening.
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I’m sorry, they paid how much??? Is the $68mm loan for construction or associated with additional expenses over the purchase price (assuming the original loan?)
I’m not familiar with this stuff.
$68M implies a conversion cost of a little over $300K per unit. They paid $3M for the property, so add in financing costs etc and maybe their expenses end up around $400K per unit. The market values of those apartments in that location will average a damnsite more than that.
I really love this building. Peak MCM.
Great news! Love to see so many residential coversions in the downtown area.
Love to see it
The fact that this property was fetched for $3M just blows my mind away.
Whoever owned this property before just got properly FLEECED, I tell ya. That is mind-blowing
Great stuff!