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Hard Rock Plans $86-Mil Hotel Conversion

CHICAGO-The Carbide and Carbon Building at 230 N. Michigan Ave. will be converted into Hard Rock Cafe International's first urban hotel. US Bank, Midwest Bank & Trust and Parkway Bank & Trust agree to finance the project.

By Mark Ruda | Updated on November 13, 2001

CHICAGO-Hotels have been a hard sell in the current financing market as occupancies were heading south before Sept. 11. Nonetheless, Orlando-based Hard Rock Café International is teaming with Mark IV Realty here to turn the Carbide and Carbon Building at 230 N. Michigan Ave. into a 385-room hotel.

Led by US Bank, Midwest Bank & Trust and Parkway Bank & Trust also are participating in financing the $86-million renovation of the building designed by Daniel Burnham in 1929. Renovation begins later this month with completion of the project targeted for the second quarter of 2003.

Department of Planning and Development Commissioner Alicia Berg says the city is chipping in with $5 of tax increment financing assistance as well as a “Class L” incentive worth another $6.1 million for the first North Michigan Avenue hotel built south of the Chicago River since the 1960s. “We are excited that the Hard Rock is restoring the historic façade of the Carbide and Carbon Building to its original grandeur and creating a vibrant urban entertainment destination in one of our most vital locations,” Berg says.

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