Palladium Floats 65-Story Hotel-Condo Project

CHICAGO-Palladian Development is the latest to propose a Downtown hotel, teaming with Mandarin Oriental Hotel Group on a 500-unit, 65-story project overlooking Millennium Park. The 250 hotel rooms, being sold as condominiums, will take up the first 31 stories, with 250 condominiums on the upper floors of the $750-million building.

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.