WEST LOOP — A West Loop site originally pitched for a hotel is now going to be a high-rise apartment building after City Council approval Wednesday.
The Standard Hotel was supposed to bring 250 rooms, a fitness center, event space and multiple restaurants and bars to 1234 W. Randolph St., all funded through real estate crowdfunding platform Prodigy. The project was approved in 2019.
Prodigy filed for bankruptcy in 2021, facing multiple lawsuits from investors who poured an estimated $690 million into developments across Chicago and New York, according to The Real Deal.
Now developers Azur Holdings and Golub and Company will build a 445-foot tower with 395 apartments at the site — 79 of them affordable — as well as 113 parking spots and 290 spots for bike parking and storage. The proposal will also generate $1.9 million for the Neighborhood Opportunity Fund.
The tower, located next to City Winery, will include a rooftop garden and ground-floor retail space, ideally for something food- and beverage-related, developers said at a community meeting in February.
Loading and parking access would be in the alley behind the building, according to design documents.
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