CHICAGO-The Soho House Group, owners of private clubs for those in the media and entertainment industry, should break ground this year on a redevelopment of a warehouse at 113 N. Green St. The 91,000-square-foot building will be transformed into a six-story hotel with three restaurants and a spa by two local companies, Shapack Development and AJ Capital Partners.
The Soho company was founded in 1995 in London, and the company has membership clubs at various locations around the world, including New York City, Miami, West Hollywood, CA and Berlin. Late last year, Los Angeles-based billionaire Ron Burkle purchased a majority stake in the company through his private equity fund Yucaipa Cos. and took over as chairman.
Recently, the company announced it will open new properties in five cities, with Chicago being the only US location. The other club properties will open in Toronto (in fall 2012), Mumbai (spring 2013), Istanbul (spring 2014) and Barcelona (winter 2014).
The Chicago property should open by spring 2014, Jeffrey Shapack tells GlobeSt.com. The new hotel will have 35 rooms, three restaurants, a spa and a rooftop pool. “Everything will be available for the public except for the top two floors,” which includes a fifth-floor club room, Shapack says. Pizza East, a UK concept, will be one of the restaurants, and the other two eateries are not yet identified.
Shapack and AJ Capital bought the empty warehouse for $6.5 million. The property is located just south of Randolph Street, along Halsted Street. “We absolutely think there’s a market for this property in Chicago,” Shapack says. “The company has been successful in all the cities it has been in.”
Nick Jones, founder and CEO of Soho House, said in a statement that the property will be a “much-needed base for us” in the Midwest. “I love Chicago,” he said. “The city has such a unique feel about it, such wonderful architecture. It’s down to earth, friendly and always welcoming.”
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.
