Despite an address of 215 N. Michigan Ave., Mandarin Oriental Tower is separate from the Illinois Center office complex, which includes Loeb Partners Realty's 1.9-million-sf Michigan Plaza at 205 and 225 N. Michigan Ave. as well as Parkway Properties Inc.'s 1.1-million-sf 233 N. Michigan Ave. Instead, the hotel and condominium tower will be built on the west side of Stetson Avenue, one block east of Michigan Avenue. Solomon Cordwell Buenz is designing the steel and glass tower while Todd-Avery Lenahan leads the interior design team.

Prices of the condominiums are expected to range from $500,000 to more than $10 million. Mandarin Oriental Hotel Group will manage the hotel units. The project, expected to open in 2009, also includes a 40,000-sf health club.

Two hotels are within a block, including the 692-room Fairmont hotel at 200 N. Columbus Dr. Strategic Hotels & Resorts plans to test the hotel condominium market this year when it offers 156 rooms at its luxury property as condominium and fractional ownership units. The Hyatt Regency Chicago is at 151 E. Wacker Dr.