Chicago Real Estate News & Neighborhood Notes

A new hotel development is reportedly being planned for another surface parking lot in Chicago’s booming River North neighborhood. According to Crain’s, developers are looking to add the first Andaz Hotel in Chicago, which will be located at 430 N. LaSalle Drive if all goes according to plan.

As noted in the report, a timeline for the project is still unknown, but renderings show a towering glass structure that could potentially rise 18 stories high and hold 199 hotel rooms.

The hotel market in Chicago has gotten considerably more crowded in recent years and hotel room supply has apparently spiked by roughly 10 percent just since the project was approve by the City Council.

Should the development move forward, Illinois would be just the sixth U.S. state to offer the Andaz brand, which was launched by Hyatt back in 2007. According to the hotel chain’s website, there are currently 21 Andaz properties across 13 countries on four continents.