News Release
October 3, 2012

Lakeview’s Diplomat Hotel Poised For $13.1 million Rehabilitation

312.744.9267

Lakeview’s vacant Diplomat Hotel will be rehabilitated as 51 units of supportive apartments under financial measures approved today by City Council.

Located at 3208 N. Sheffield Ave., the four-story, City-owned building will be sold for $1 to BT-Diplomat LLC and converted into modern studio apartments for individuals with mental illness and at risk of homelessness. Additional City support will include approximately $10.7 million in tax credits.

“Through this public-private partnership, the building will provide an affordable and secure place for residents to establish a foundation for their futures,” Mayor Emanuel said.

The City acquired the approximately 85-year-old building in 2010 following a series of building and fire code violations that the previous owner was unable to remedy.

BT-Development, consisting of Brinshore Development LLC and The Thresholds social service agency, was selected from seven developers that responded to a City request for redevelopment proposals last year.

The $13.1 million rehabilitation plan includes a rooftop garden and ground floor retail space. Social services include an on-site flower shop staffed by building residents.

 

 

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