A development venture plans to building a new 24-story hotel building next to the Cabrini-Green public housing complex.  Chicago-based DAC Developments has proposed a 216-room hotel at 808 N. Cleveland Ave Chicago Illinois.
DAC Developments is led by Daniel Rezko, according to the application and the company’s website. DAC Project Manager is: Haitham Barham.  Bolstered by seven consecutive years of record-high tourism and downtown corporate relocations bringing more hotel stays to the city, developers opened about 11,000 new rooms downtown between 2008 and 2018, a 31 percent jump. Revenue per available room at downtown hotels also climbed during that period, though its growth has recently showed signs of slowing.
DAC Developments is betting on hotel demand on a site that is now vacant but is just steps from a part of the North Branch of the Chicago River that is rapidly changing and poised for a development boom. DAC’s hotel proposal also includes 90 on-site parking spaces and 8,000 square feet of ground-floor retail space, according to the zoning application.  DAC Developments is working on projects in north suburban Wheeling and in the Chicago’s Lincoln Square neighborhood. The firm specializes in multifamily rental housing and condo and town home for-sale developments.
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