New boutique hotel could be coming to downtown Elgin
A new boutique hotel could soon be checking in to downtown Elgin.
The Elgin City Council gave unanimous preliminary approval Wednesday for a redevelopment agreement with Chicago Realty Ventures, Inc. that would help convert the top two floors of the three-story McBride Building along Douglas Avenue from mostly vacant offices into a 26-room boutique hotel.
“This is something that we’ve been wanting for a very, very long time, decades even, in our downtown,” council member Corey Dixon said. “We really look forward to making it a success.”
“The Elgin House” will have 12 rooms on the second floor and 14 on the third. The hotel lobby and a small cafe will occupy the two northern ground-floor spaces, which are currently vacant.
Fat Cat Custom Guitar & Repair and State Farm will remain in the southern two ground-floor spaces.
The total cost for redevelopment is $4.3 million.
As part of its agreement with Chicago Realty Ventures, Elgin would provide $1.2 million in development assistance from the Central Area TIF.
The agreement also waives all development-related fees and provides fast-track building permit review. The city has the right to terminate the redevelopment agreement if specific construction time frames are not met.
The three-story, Queen Anne-style building was built for the McBride brothers in 1889. It was added to the National Register of Historic Places in 2014.
Ayman Mryan, president of Chicago Realty, purchased the building in October 2024 from Cuming Holdings, LLC. Mryan has purchased and is redeveloping numerous other downtown buildings in the past few years.
Chicago-based Atira Hotels will be a joint owner of the hotel and provide management assistance, training, oversight, analysis and input regarding sales and marketing.
First-year room rates are expected to average $132 a night. Owners anticipate an annual occupancy rate of 68%, with the highest occupancy on weekends.
Chicago Realty anticipates that the project will take 14 months to finish.