Jan
02

Historic Hotel Will Become New Chicago Condos

January 02, 2013

chicago new condos

The Congress Plaza Hotel will soon be undergoing major renovations. Two New-York based investment firms are paying $275 million to convert the 871 room hotel into condo and retail space.

Both Chicagoans and out-of-towners are familiar with the hotel as the site of the longest ongoing strike in the United States. In 2003, around 130 members of Unite Here Local 1 went on strike to protest a 7 percent wage cut, and the strike continued for more than a decade. President Obama even made an appearance on the picket lines in 2007, while he was running for president.

The Congress Plaza Hotel opened in 1893, and was voted one of the top 10 haunted hotels by Sherman’s Travel! Rumor has it that the hotel was also a hangout for Al Capone during the 1920s.

No reports have been issued on how much the condos are expected to cost or what retail spaces will be located inside the building. The renovations won’t take place until closer to 2015, since purchasing investors want to boost revenue at the hotel over the next year or two before converting the building to condos.

Would you purchase a condo in a building with such a rich history, or would the threat of ghosts scare you away?

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