City proposes financing for $53 million renovation of Mark Twain Hotel (Clark and Division) under SRO preservation ordinance
The city of Chicago is proposing to help finance the $53 million renovation of the historic but run-down Mark Twain Hotel on the Near North Side as part of a broader effort to preserve single room occupancy buildings — the city’s original affordable housing.
Presented to the City Council last week, the proposal would back developer NHP Foundation’s ambitious project to spruce up the nearly 90-year-old art deco building with a $30 million bond issue, a $5 million loan for multifamily housing development and $1.3 million in low-income housing tax credits.
If approved by the council, the renovation of the five-story Mark Twain would begin in January, temporarily displacing its 100 remaining tenants for most of next year, but offering them a much improved home when they return. The building’s 152 units would be reduced to 148 as part of the renovation.
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