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Palladian Plans $500M Hotel/Residential Condo

CHICAGO-The 74-story tower will carry the Mandarin Oriental flag and contain 250 condo hotel suites and 250 residences.

By Marita Thomas | Updated on September 11, 2006

CHICAGO-Locally based Palladian Development has finalized plans for Mandarin Oriental Tower, Chicago , a 74-story building in the East Lakeshore neighborhood that will combine 250 condo hotel units with 250 residences. Hong Kong-based Mandarin Oriental Hotel Group will manage the property.

This follows plans for US Mandarin brand luxury hotels and residences scheduled to open in Boston, Las Vegas and Dallas between 2008 and 2009. Other under development include Mexico and Barcelona in 2007, Grand Cayman in 2008 and Macau in 2009.

The Chicago property will be located at an existing parking lot in the East Lakeshore neighborhood adjacent to Millennium Park. There will be separate entrances at 210 N. Stetson and 230 N. Stetson for the hotel and residential components, respectively. A Palladian spokeswoman tells GlobeSt.com the estimated development cost of the project ranges between $400 million and $500 million.

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