Reschke eyes landmark for hotel conversion: The Chicago developer is in talks to add the historic Jewelers Building to his list of big bets on downtown's post-pandemic future.

Chicago developer Mike Reschke is in talks to purchase the historic Jewelers Building at 35 E. Wacker Drive and convert part of it into a hotel. The 40-story tower is currently facing a foreclosure lawsuit filed by John Hancock Life Insurance. Reschke's firm, Prime Group, is considering the hotel conversion due to the decreased demand for office space in the city and the recovering downtown hospitality market. The purchase price is estimated to be between $35 million and $40 million. The building, completed in 1926, is a Chicago landmark and has a prominent cupola on the 40th floor that was once a speakeasy run by Al Capone. [Extracted from the article]