Plans for another residential conversion are now moving forward after receiving approval from the Chicago City Council. Located at 201 East Walton Place in Streeterville, the structure currently serves as an extended-stay hotel just steps away from the lakefront and Michigan Avenue. Efforts are being led by Churchwick Partners.
Rendering of 201 E Walton Pl by bKL Architecture
Earlier this year, we covered when the New York-based developer announced plans for the conversion after purchasing the property not long before. Since then, they have been busy working with bKL Architecture on the now-approved plans. In order to make way for the conversion, the existing 221-room Sonesta-branded hotel will be closing.
Ground floor plan of 201 E Walton Pl by bKL Architecture
Renderings of 201 E Walton Pl by bKL Architecture
Rising 18 stories in height, the building’s ground floor would have the lobby repositioned while retaining the existing 72-vehicle parking garage. The hotel amenity spaces would be converted into a lounge, fitness room, coworking space, and more for residents of the 221 residential units. The conversion will be relatively simple due to the existing room sizes.
Rendering of 201 E Walton Pl by bKL Architecture
The units will consist of 110 studios, 80 one-bedroom, and 31 two-bedroom layouts. A few outdoor terraces will also be preserved for residents, as well as to create a small dog run. The $68 million project is set to begin this December when the hotel shuts down. Construction is expected to take a few months, with completion anticipated by mid-2027.
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Such a shame another conversion. Couldn’t the developer have a combo extended stay & apartments? I had a friend recently visit Chicago and she couldn’t find an extended stay hotel downtown. If I had known about this I would have advised.
That surprises me since it’s my understanding this conversion is happening due to poor hotel demand for that type of hotel (I don’t know the rating system used for hotels). Is there a chance your friend visited during a particularly busy time?
Excellent! Good project. 221 fresh units.
The need for more residential housing is at least a million if not a billion times more pressing than for an extended stay hotel
Was 201 E. Walton not originally an apartment building ?
Will there be Affordable housing/ARO units?
Interesting that the cost of these apartments are turning to be residential at $283,000 per unit vs government costs are running $700,000 to $800,000 per unit when they get involved in affordable housing projects
You’re comparing converting massive office buildings to apartments versus converting extended stay hotel rooms (ie rooms that **already have** kitchens and bathrooms) into apartments. I would actually say their per-unit prices *here* are too high, not on the other projects.
If the city goal is fast, economical affordable housing the city needs to embrace sort of projects first and foremost before office to apartment projects… Bigger bang for the buck
That isn’t the City’s goal in the Loop. Their goal is to revitalize the neighborhood and it start with investment. The projects are expensive and I’m not a big fan of the mayor to put it lightly, but I’m okay with the City investing into the Loop. It needs residents and a grocery store in this new work from home age. These projects should help additional investment and residents flow in.