Two recent developments brought plans for the new Hyatt Place Hotel on 53rd Street closer to being fulfilled.
First, construction work at the Harper Court redevelopment site included completion of the pad on which the hotel will be built. That step means the site is ready to be turned over to hotel developers—Smart Hotels LLC and the Olympia Companies—to begin construction.
Second, the Chicago City Council earlier this week approved a tax-increment-financing request from Smart Hotels, and the hotel project is now fully funded. Smart Hotels, which develops hotels near college campuses, will operate the hotel under a franchise agreement with Hyatt Place.
The six-story, 131-room, select-service hotel is scheduled to open in fall 2013 and will be the first new hotel in Hyde Park in more than 50 years. It will be built on the southwest end of the Harper Court redevelopment site and will have an address on Harper Avenue.
Harper Court Partners LLC, the developers for Harper Court selected the hotel developers in March 2011. For more information about the hotel, visit Harper Court Partners’ website: http://hydeparkchicagohotel.com/