Abbott Hotel to be Flipped, Transformed into New SRO
First the Diplomat Hotel’s development is confirmed, then legal issues send Hotel Chateau to court. Now the Abbott Hotel on Belmont Avenue will be completely rehabbed.
An affiliate of apartment investor BJB Partners LLC recently purchased the Abbott Hotel on Belmont Avenue in Lake View, and according to Ald. Tom Tunney’s (44th) office, developers plan to completely redevelop the single-room occupancy hotel.
Chief of Staff Bennett Lawson says while details concerning the project at are still under wraps, the Abbott Hotel will be transformed into a more modern SRO.
“My understanding is (that) BJB plans on doing a complete rehab of the building and will re-occupy as an SRO,” Lawson wrote in an email. “They are working with the tenants on relocation now but I don’t know if they have a start date for the project.”
Located at 721 W. Belmont Ave. near North Halsted, the Abbott Hotel building was purchased by the Park Ridge-based apartment investor for $4.3 million from a trust controlled by Abbott Hotel L.P., according to Chicago Real Estate Daily. PrivateBank & Trust Co. financed BJB’s purchase with a $3.7 million loan that expires Nov. 24.
The only retail tenant on the first floor of the building is Intuition by Amanda, a psychic medium.
Representatives from BJB, PrivateBank and the Abbott Hotel failed to return Patch or Chicago Real Estate Daily’s calls.
The news of Abbott’s redevelopment by BJB comes after two other Lake View SRO hotels made headlines in the news. First, the Diplomat Hotel just down the street from the Abbott on Sheffield Avenue is confirmed to be breaking ground on an ultra-modern housing facility for people at risk of homelessness.
It faced similar struggles with drugs and prostitution as residents and visitors on Yelp say are affecting the Abbott.
In addition, and most recently, Hotel Chateau at 3838 North Broadway failed a building inspection. It’s passed just three of the 11 building inspections so far in 2012. Owners now head to court to defend the building that many neighbors say is hurting the community.
Related Articles on Patch:
- Hotel Chateau Heads to Court, Faces Closure
- Lake View Talks Hotel Chateau; Building Violations Detailed
- At-Risk Housing Moving Forward at Lake View’s Diplomat Hotel (PHOTOS)