281 Fifth Avenue
past projects: 281 Fifth Avenue
The Godfrey Hotel Developer is an active commercial enterprise engaged in the development of a 221-room hotel in downtown Chicago in the area of the approved Regional Center. As such, the Developer was obligated to move forward with development of the Project utilizing bridge financing prior to USCIS approval of the Regional Center. The Use of EB-5 funding in this Project has been contemplated since before the regional center application was filed, and it is contemplated that the EB-5 funds will be used to fund the remaining construction costs, operating costs, and to repay bridge financing advanced to pay for prior development costs.
DOB permits show the 52-story building will stand 705 feet tall, with 141 condominiums units splitting 209,087 square feet of space. Residences will average nearly 1,500 square feet apiece, and the project will also include 7,900 square feet of retail space on the first two floors.
Apartments will range from two to four units per floor, besides full-floor units on the eighth, 49th, and 50th stories. Amenities (including a lounge, fitness center, library, and spa) will be located above the retail space.
The first renderings available were massing diagrams from the project’s EB-5 materials, where two different versions were presented, and the new image matches the more streamlined version very closely.
— Six parcels of land equaling 13,936 square feet
— A tower of between 55 and 60 floors
— Approximately 145 high end residential condominium units
— Approximately 174,601 square feet
— Approximately 12,199 square feet of retail space
— Experienced developer with previous successful EB-5 project