A deal to build a 67-story wellness-oriented hotel and condominium at Rush and Huron Streets has fallen through, according to both the developer and the Episcopal Diocese of Chicago, owner of the property.
Called Canyon Ranch Living-Chicago, it was to include 256 residential condos, 128 hotel condos, a 65,000-square-foot health center and a 100-seat gourmet restaurant. Announced in 2006, it would have been located on diocese land adjacent to St. James Cathedral.
In a letter, Bishop Jeffrey Lee said the diocese would no longer continue talks with developer Related Midwest.
"This does not mean an end to redeveloping the 65 E. Huron property," Lee said. He said a church redevelopment committee will examine what should be done with the property.
Lee alluded to the soft real estate market. "The current economy and change in real estate market conditions has been a major factor in this decision," he said.
Canyon Ranch operates health-oriented spas and resorts in Tucson, Las Vegas and elsewhere.
