OUT Hotel Could Downsize, but ‘It has to be a Win-Win’

The developer behind the newly proposed OUT Chicago hotel says he’s willing to negotiate with neighbors, but if some compromises aren’t made, there may not be a hotel.

Ian Reisner, managing partner of Parkview Developers and founder of The OUT NYC, plans to build a 10-story, 112-room hotel in the heart of Boystown at 3343 N. Halsted St. Designed to be “straight friendly,” the resort would cater to the LGBT community.

But some neighbors surrounding the development site are less than pleased, with critics saying the building’s height is out of proportion with the community and a hotel will only increase congestion.

Reisner said he’s already shaved three stories off his plans for the resort based on feedback from community leaders. He says the hotel could maybe lose four more levels on the street-side while keeping the setback, but he still needs to work with neighbors.

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“It has to be a win-win. If they want a 3-story building with 62 hotel rooms, they’re just not going to get me,” Reisner said. “They can get someone else to build a resort. I’m not going to build something where there’s no economy to scale.

“If I can’t get an economically viable building (approved), then I can’t build an economically viable building,” he continued. “It’s not a choice, it’s a reality. Equity doesn’t chase debt. It doesn’t chase projects with razor-thin margins because then you have a shift in the economy and you lose the keys to the bank.”

"I’m negotiable, but failure is not an option. ... this is my goal, my business plan and my passion."

Reisner wants to address a majority of residents’ concerns by June in hopes of snagging approvals from both the Triangle Neighbors and Belmont Harbor Neighbors, two community organizations.

But with money already in Boystown for things like deposits and air rights, Reisner says he’s not ready to back out of the race.

“I have a lot invested. My personality is ‘failure is not an option’ in everything I do,” he said. “I’m negotiable, but failure is not an option. So as long as I’m alive and ticking as an active businessman, this is my goal, my business plan and my passion. It’s right for community, it’s right for my career, its right for my partners.”