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Council approves redevelopment agreement to convert McBride Building into 26-room boutique hotel
Summary
Council voted unanimously to approve a redevelopment agreement with Chicago Realty Ventures to convert upper floors of the McBride Building into a 26-room boutique hotel (Elgin House), with first-year room rates projected around $132 and total redevelopment costs about $4.3 million.
The council approved a redevelopment agreement on Nov. 19 to convert the top two floors of the McBride Building (5363 Douglas Avenue) into a 26-room boutique hotel, to be marketed as the Elgin House. The project is being developed by Chicago Realty Ventures Inc.; Eamon Moran, the developer, was present to answer council questions.
City staff said the total redevelopment cost is about $4.3 million. The hotel lobby and a small café would occupy ground-floor spaces facing Douglas Avenue; Atira Hotels, a Chicago-based operator, will be a joint owner and provide management assistance. First-year room rates were projected to average roughly $132 per night, with a forecasted rise toward $160 by the fifth year of operations.
Council members praised the private investment and said the project fits downtown revitalization goals. The motion to approve the redevelopment agreement was moved, seconded and recorded as adopted in the transcript (roll call recorded as approved 8-0).
Why it matters: The conversion repurposes underused office space in downtown Elgin, expands overnight lodging inventory to support festivals and visitor demand, and is tied to the city’s broader TIF-backed downtown redevelopment strategy.
Next steps: Staff will finalize the redevelopment agreement terms and any required economic-development assistance consistent with state law and the council’s approval.
