There is a piece of real estate in Chicago that has been making national news this week. A real estate investment group that owns the Sears Tower is gearing up to build a 500-room 50-story glass luxury hotel right next to our countries tallest building. Why you might ask? Well, the tower’s new neighbor was proposed as a part of the effort to make the famously black Sears Tower more “green”. The group is planning to spend $350 million to make this happen for the tower alone. This would include replacing every window of Sears tower to be more energy efficient. There are plans for a rooftop-to-plaza renovation with solar panels, wind turbines, and much more. The hotel itself, which would be located right next door and near the entrance to the Skydeck observation deck, will feature “net zero” use of energy. But is it smart to be making these plans in this economy? The investors involved sure think so. Obviously, it will be a challenge because Chicago hotels are already having such a difficult time keeping their room rates and occupancy up. But these investors insist that by the time the hotel is complete, the demand will be back. Of course we need to make our planet “green”, but will the city be up for the challenge? It will be interesting to see how this plays out.
This is not the only change the tower will be experiencing, with the naming writes expiring 6 years ago, the tower will be receiving a new name. Willis Tower is the winner. I wonder how quickly people will take to this name.
I am so excited to be in Chicago this weekend! Have you registered for my Chicago investing event? It is going to be GREAT so make sure to claim your spot at www.jtfoxxlive.com