Lake View Tavern Owner Buys Loans on Boutique Wrigleyville Hotel

The company known for bars like Schoolyard Tavern on Southport Avenue is looking to breathe new life into a stalled boutique hotel development in Wrigleyville currently facing foreclosure, Chicago Real Estate Daily reports.

Sitting at 3469-75 N. Clark St., the project often dubbed by neighbors as the Wrigleyville Hotel has been on hold since 2009, and was foreclosed on in 2012. But now an affiliate with Four Corners Tavern Group Inc. is making a move.

The company bought almost $4 million in outstanding loans and plans to reduce the number of rooms from 42 to 22 once it gains control, CRED writes. Rather than expanding the hotel in the vacant lot on the south side of the existing building, the company says it plans to use that space for additional restaurant space or a beer garden.

The move comes as Lake View’s hotel scene is blowing up. It’s one amenity Ald. Tom Tunney’s (44th) ward study discovered was something the community was severely lacking.

The Ricketts family announced plans for a boutique Sheraton hotel across the street from Wrigley Field where McDonald’s sits. The development will feature a 40,000-square-foot health club and be a part of the family’s $500 million redevelopment of the ballpark and surrounding neighborhood. 

That’s combined with Ian Reisner’s proposal for Boystown. The managing partner of Parkview Developers and founder of The OUT NYC is working with the community to bring the “straight-friendly” OUT Chicago Urban Resort to North Halsted Street. New renderings were released in late June showing a dramatic change in height and color from his first two proposals.