Phoenix Development Partners, in partnership with Green Door Capital, Crowdstreet, Polaris and other minority investors, has acquired 226 West Jackson, a 238,000 sq. ft. historic office building in Chicago.
The company will restore and transform the property into a 350-room dual flag Hilton property. A 215-room hotel, Canopy by Hilton, will be located on the upper floors, while a 135-room hotel, Hilton Garden Inn, will be built on the lower floors.
226 West Jackson is located in Chicago’s West Loop neighborhood. The “restored property will include a new 4,800sf rooftop restaurant, bar and meeting space plus 2,100sf of outdoor terraces offering sweeping views of the city,” John Mangel, founder and CEO of Phoenix Development, said in a statement.
The project is expected to complete construction in the spring of 2021.
Source: Chicago Construction News Phoenix to redevelop historic office building