Foreign Investors Sought for New Proposed Multi-Hotel Complex and Convention Center
- Jul 18, 2012
The Intercontinental Regional Center Trust of Chicago (IRCTC) and Chicago developer Anshoo Sethi are hoping to attract foreign investors via the EB-5 program for their proposed multi-hotel complex and convention center near O’Hare International Airport. The proposed development is projected to have a total economic impact of $2.6 billion over the two-year construction period and the first 10 years of operation, according to IRCTC.
Around $1.1 billion of this sum is expected to benefit local workers in the form of wages, with the new development expected to create more than 4,000 construction jobs and 1,000 permanent jobs.
According to an investment analysis carried out by Integra Realty Resources and published on www.eb5info.com, the proposed development would be located on three contiguous sites at 8161, 8171 and 8211 West Higgins Road. The total land area of the three sites is 122,091 square feet—which has been zoned for hotel use—with a maximum of 995 units approved.
According to the analyzed plan, the development would feature five up-scale hotel brands in three towers with a total of 995 rooms, out of which 786 would be suites. The property would feature four floors of convention space that would connect the lower levels of the three towers and total 290,000 square feet. Around 55,000 square feet would be allocated for restaurants and bars across the complex, while a 1,720-space valet parking lot would be located below the complex.
The ambitious plan aims to make the complex the first Zero Carbon Platinum LEED-accredited and 100 percent allergen-free convention center complex in the world. According to plans, the development would also include the largest guest-accessible hotel green-roof complex in the country.
The project will be partially financed through the U.S. Immigrant Investor Program, “EB-5,” created by Congress in 1990. The estimated cost of the development is $735 million.
Illustration Courtesy of: www.eb5info.com
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