China-based investment firm Sheng Man De LLC plans to build a five-story hotel on a 5,500 sq. ft. plot adjacent to the neighborhood’s CTA Red Line stop at the northwest corner of Clark St. and Archer Ave. The firm has owned the land since July 2013.
The firm led by Kin Kuong Chon applied for a municipal zoning change in July. The hotel is planned to have 60 rooms along with commercial and retail space.
“It’s investor money from China,” Ald. Danny Solis (25th) was quoted saying in Chicagobusiness.com. “Right now, the money’s flowing from China.”
City’s zoning committee is likely to approve the proposal as it is backed by municipal politicians, reports Dnainfo.com.
The project is expected to start in early 2015.
