The Roosevelt Hotel

Type:

Multi-Family Rental Historic Rehabilitation

Status:

Construction Completed Spring 2003

Budget:

$9,000,000+

Financial Sources:

Historic Tax Credits / Chicago Equity Fund
Conventional First Mortgage
City of Chicago Tax Increment Financing


The Roosevelt Hotel is located at Roosevelt and Wabash in the South Loop. At the request of the City of Chicago, The Davis Group and Keith Giles purchased the building, and applied for and received federal designation as a Historic Landmark. The Roosevelt was completely restored and operates as a rental building with retail space on the first floor. Twenty percent of the units are available for qualified low-income tenants with the balance at market rate rents. The building has a total of 42 units comprised of 26 one and 16 two bedroom units and 8,000 square feet of commercial space.