For more retail coverage, click GlobeSt.com/RETAIL.
WHEELING, IL-The north suburban hotel market will get its first addition of luxury rooms in more than a decade in early 2007 with the $100-million Westin North Shore. Groundbreaking on the project, which also includes a $14-million, 60,000-sf retail center, is set for next week.
Lombard-based Harp Group, Inc. is building the 441-room hotel at Lake-Cook Road and Milwaukee Avenue with Oakbrook Terrace-based Mid-America Development Partners LLC. Starwood Hotels and Resorts Worldwide, Inc. will operate the hotel, designed by VOA Associates Inc. HKM Architects, Inc. is designing the retail space, which will include California-based Claim Jumper's first Midwest restaurant. Power Construction Co. is the general contractor on the project.
Another partner is the Village of Wheeling, which is providing tax increment financing and selling $23 million worth of bonds. The 410,000-sf hotel and retail complex on 20 acres at the southeast corner of Lake-Cook Road and Milwaukee Avenue is expected to generate more than $100 million in revenue over the next 22 years.
The development will continue the suburb's "Restaurant Row" along Milwaukee Avenue, as half of the retail space is expected to be occupied by eateries. In addition, the hotel is expected to have an 11,000-sf restaurant of its own and a 5,000-sf banquet hall. A bank is slated for 5,000 sf.
"The adjacent restaurants and retail stores we are developing will help attract guests to the hotel and create an exciting destination for residents of Wheeling and its neighboring communities," says Mid-America Development Partners president David Bossy.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
