Mayor Rahm Emanuel and a host of other community and political leaders joined The Michaels Organization on April 23rd to celebrate the grand reopening of the renovated and restored Carling Hotel on Chicago’s Near North Side.
The $27 million project was the first of its kind for The Michaels Organization, transforming an historic hotel that for years had been used as single-room occupancy (SRO) housing, into a modern, sustainable affordable community, while preserving the unique character of the Art Deco building.
“The restoration and transformation of the Carling Hotel is the next step, not the last step, towards our mission of ensuring every Chicagoan has affordable, accessible housing options to choose from in every community," Mayor Emanuel said. "This project honors the past of this historic Chicago location, while writing a new chapter for our city's future."
The rehabilitation and preservation of the Carling Hotel at 1512 N. LaSalle St. brings private bathroom and kitchenettes to each apartment as well as a restored vintage façade and lobby, in addition to updated building systems.
As part of the Mayor’s SRO preservation initiative, the City acquired the four-story property from Carling Hotel LLC for $10 million and transferred it to Michaels Development Co. for $3.8 million for preservation as affordable housing in an area where rents are rising rapidly. Of the 80 units, eight units are reserved for CHA residents; 31 units are affordable for tenants earning up to 50 percent of area median income (AMI); 36 units are affordable for incomes up to 60 percent of AMI; and five units are affordable for incomes up to 80 percent of AMI. On-site amenities include laundry facilities, onsite property management and support services, including job and mental health counseling to enable residents to live as independently as possible.
Michaels is also preserving the historic Marshall hotel down the street.