Phoenix Development Partners, in partnership with Green Door Capital, Crowdstreet, Polaris and other minority investors, has acquired 226 West Jackson, a 238,000 sq. ft. historic office building in Chicago.
The company will restore and transform the property into a 350-room dual flag Hilton property. A 215-room hotel, Canopy by Hilton, will be located on the upper floors, while a 135-room hotel, Hilton Garden Inn, will be built on the lower floors.
226 West Jackson is located in Chicago’s West Loop neighborhood. The “restored property will include a new 4,800 sq. ft. rooftop restaurant, bar and meeting space plus 2,100 sq. ft. of outdoor terraces offering sweeping views of the city,” John Mangel, founder and CEO of Phoenix Development, said in a statement.
The project is expected to complete construction in the spring of 2021.