City Council approves hotel development at 1016 W. Lake

The Chicago City Council has approved a proposed hotel development at 1016 W. Lake. Planned by New York-based Cogswell Realty and investor Erol Stapleton, the project is being planned for the northeast corner of W. Lake St and N. Carpenter St. The property currently includes a surface parking lot and a three-story building that will be cleared for the new development.

With the values of community, sustainability, and wellness, the new hospitality concept is looking to develop a timeless and modern building that fits into the community. The project is seeking to exceed many sustainability requirements and goals including achieving WELL certification, LEED certification, and ILFI Net-Zero Carbon. The all-electric building will include solar panels on the roof as well as bird-friendly glass with bird fritting.

Set to rise 220 feet, the new hotel tower will stand 15 floors high. With 143 hotel rooms planned in the building, guests will have access to a rooftop sky lounge and three floors of amenity space at the base of the building. On the ground floor, guests will enter through the hotel lobby facing N. Carpenter St and a commercial space will front W. Lake St. The building will have no parking spaces, but will offer valet service at the building’s dropoff zone along N. Carpenter St.

Designed by M Moser Associates, the tower will be clad in a bluestone facade with punched window openings. The base will feature laminated glass and the sky lounge will have an artwork balustrade. As it rises along the property line, the design team has proposed a community mural for the east elevation of the building.

With approval from City Council secured, the site will be rezoned from C1-1 to DX-7 with an ultimate Planned Development designation to receive a 4.5 FAR bonus. The team hopes to break ground this summer and open in early 2026 after a 16–18-month construction timeline.