The Mark Twain Hotel on the Near North Side just had a proposal approved by the City of Chicago to help finance the $53 million that was needed to renovate this historic hotel per the Chicago Tribune. This proposal would back developer NHP Foundation's project to restore the almost 90 year old art deco building with a $20 million bond issue, a $5 million loan for a multifamily housing development and $1.3 million in low-income housing tax credits.
If everything goes as planned, the renovation on the five-story building would start in January and would displace the 100 remaining tenants for most of next year but they would be offered a much better place to live when they return. The building has 152 units that would be reduced to 148 as part of this renovation.
Vice President of Acquisitions for the NHP Foundation, Mecky Adnani, said, "They'll have a guaranteed place with beautifully renovated units waiting for them."
Other improvements would include the following:
- Addition of private kitchenettes
- New plumbing and Electrical work
- A roof deck
- Restoration of the vintage facade and lobby
The hotel has been deteriorating due to years of neglect and this restoration could restore it back to its beautiful art deco design and historical significance. It is also located near a CTA Red Line station at the southwest corner of Clark and Division Streets. The NHP Foundation always planned on renovating and maintaining the hotel as affordable housing under the city's single room occupancy preservation ordinance since they purchased the hotel in May 2006 for $21 million.
Since the ordinance went into effect, the city has received notices of intent to sell 22 SRO buildings and 11 have already been preserved to date. NHP Foundation has also purchased the Hotel Covent in the Lincoln Park area for $7 million in 2016 and also plans to renovate that under the SRO ordinance.
The Mark Twain hotel was designed by architect Harry Glube and was completed in 1930. It has 58,000 square feet and features ornate terra-cotta decorations and was listed on the National Register of Historic Places in May 2017.
"The building exemplifies the rooming hotels that were purpose-built primarily to house the army of skilled but low paid white and blue collar workers flooding into the city in the early decades of the twentieth century."
National Register of Historic Places
The hotel offered furnished rooms with private baths for $7 a week when it opened with most of the residents (artists, dancers, waitresses, nurses, teachers and other modestly paid professionals) living there for at least five years by 1940 according to the National Register.
NHP is also planning to upgrade the building's first floor retail space with seven tenants already signed up for the 9,000 square foot space. Two of the current tenants, the Currency Exchange and Gyro Restaurant, will be staying.
"The retail right now really doesn't fit within this up-and-coming neighborhood. Part of what we've done is bring in really great retailers that can change the image and the feel of the ground level." "It's a landmark. It's going to be a great neighbor. It's going to be a building that actually belongs there after the renovation."
Vice President of Acquisitions for NHP Foundation | Mecky Adnani
Further funding for the renovation includes a $908,000 private loan, a $148,000 Commonwealth Edison energy grant and a $4.8 million in federal historic preservation tax credits.
The Chicago Housing Authority has given approval to NHP to receive project based vouchers for all of the units. This will limit the rent to 30 percent of household income for qualified tenants. Plans have also been set aside for seven units for tenants who earn too much to qualify for the vouchers.