A joint venture of Donald Wilson and Chicago-based hotel developer AJ Capital Partners recently bought the note on the distressed Northwest Tower from developer Krzysztof Karbowski.
The building, Northwest Tower, is a 1929 Art Deco building and substantial renovation may be needed to redevelop the building into a boutique hotel. A zoning permit was granted in 2008 that would expire in three years while more specifics on plans would need to be presented.
Wilson, in a separate deal is also developing on the opposite corner, the former Midwest Bank building which was acquired through foreclosure. The building is being transformed into a Walgreen’s with the bank’s parking lots turning AT&T and Caribou Coffee stores.
The area is populated by many small retail stores along Milwaukee, Damen and North Ave. Many of the storefronts have become vacant and businesses closing in the current economic climate. With developers concentrating on the highly desirable six corner intersection, many are wondering if development will continue west towards Western, or even past.
Wicker Park and Bucktown are both neighborhoods that follow along Damen Ave. There has been a lot of dispute as to the borders of each area. Wicker Park is a neighborhood of West Town, and Bucktown a part of Logan Square which shows the Bloomingdale Trail as the border between the two.