Hotel and Condominium Development in Chicago,
Anticipates 2007 Opening
|CHICAGO, June 7, 2005 – Elysian Worldwide Chicago announced today demolition
and site preparation plans for the Elysian Hotel and Private Residences,
a 60-story ultra-luxury hotel and condominium building at Eleven East Walton
Street, between State and Rush streets.
“Our goal of creating a one-of-a-kind, world-class hotel and residential retreat reminiscent of the finest hotels of Europe is well on its way,” stated David C. Pisor, president and chief executive officer of Elysian Worldwide Chicago, LLC.
Elysian also announced that Arcapita Inc., a leading private equity firm based in Atlanta, Georgia, is the majority equity partner on the project. “This project presented an attractive investment opportunity for us,” said C. MacLaine Kenan, a director of Arcapita. “We think the Elysian has a tremendous future and are delighted to be the key financial partner. We look forward to our association with the entire Elysian team.”
Golub & Company, a Chicago-based international real estate development and investment company, will lend their formidable expertise to the overall development process, including construction and related activities, as project manager. Founded more than forty years ago, Golub & Company and its affiliates have offices in the United States, United Kingdom, central and eastern Europe and Russia. “The Elysian will be a striking addition to Chicago’s cityscape,” said Michael Newman, president and chief executive officer of Golub & Company. “We are pleased to be involved in the development of this future Chicago landmark.”
Internationally acclaimed architect Lucien Lagrange, who has spared neither technical nor aesthetic element in his design, is the architectural genius behind the Elysian. Since 1985, Lucien Lagrange Architects has made a significant mark on the Chicago skyline, having designed some of the luxurious condominium residences in the city. The Elysian’s façade will be of the classic beaux-arts style, and incorporate graceful spires, majestic profiles and a European auto courtyard with fountains and lush landscaping.
The Elysian, located in the heart of Chicago’s Gold Coast, will embody the look and feel of an exquisite urban estate. The structure will consist of the hotel, featuring 183 fully-furnished guest suites, and 53 private residences, with a maximum of two per floor, offering sweeping views of the city and lakefront. Elegant restaurants, boutiques, an 18,000 square foot spa and health club, indoor pool, private screening room and salons complete the project.
“Sales thus far have exceeded our own expectations,” added Pisor. “We set out to redefine the luxury hotel experience in Chicago and the response to our project confirms there is a strong demand for this sophisticated style of urban living.” Over 65% of the private residences, ranging from 3,200 to over 10,000 square feet, and more than 50% of the guest suites, averaging 900 square feet in size, are under contract. Buyers include everyone from empty nesters looking to replicate the grand elegance of their family residence to those seeking the ultimate in-town retreat with the opportunity to place their suite in the Elysian rental program.
The Elysian Hotel intends to redefine the luxury hotel experience in Chicago. Managing partner David Pisor identifies the key element as offering the highest possible levels of personal service, ground Pisor knows well from experience with his family's five-star restaurant, Chez Panisse. Consider too his decade-plus experience in luxury real estate and innovations in real estate technology. If there is any person well equipped to marry the worlds of service, dining, technology and hospitality that will distinguish Elysian, it would be Mr. Pisor. Other distinguished members of the Elysian team include David and Douglas Baum, co-founders of Baum Realty, Bruce Hraba of Waterford Hotels and Inns, and John M. Mullen, president of Morgan Group, Inc.
The Elysian Hotel and Private Residences in Chicago will be the flagship
property of Elysian Hotels & Resorts.
Mary Beth Malone
|Also See:||The Condo-hotel Model Catching on In Chicago / December 2003|
|Condo Hotels - How to Make Them Work / Jim Butler and Guy Maisnik / February 2005|