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Elysian Begins $275M Hotel/Residential Condo

CHICAGO-The 60-story tower at 11 E. Walton St. will contain 188 condo hotel units and 51 residential condos.

By Marita Thomas | Updated on September 21, 2006

CHICAGO-With final funding of $203 million from Hypo Real Estate Capital Corp., Elysian Worldwide has begun construction of Elysian Hotel and Private Residences. The 60-story tower at 11 E. Walton St. combines 188 hotel condo suites with 51 residential condos.

Two years ago, the developer acquired land at the corner of Walton and Rush streets, according to Mary Beth Malone, a partner along with David Pisor, CEO of Elysian Worldwide. “We originally designed a 39-story building,” she tells GlobeSt.com, “but later acquired a contiguous parcel.” This called for a redesign, which allows for a courtyard and four-story spa, dining and service-retail addition to the tower, “which we needed to expand in order to afford development of the full complex,” she says. The full parcel previously contained surface parking, some small buildings and a 7-Eleven convenience store.

The all-in cost is approximately $275 million, including the cost of the land, she says. Atlanta-based Arcapita is the project’s majority equity partner. Locally based Golub & Co. is the project manager, and its principals are also investors. The architect is Lucien Lagrange, also based here.

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