The development of a new 131-room Hyatt Place hotel in Hyde Park would be supported through a $5.1 million in Tax Increment Financing (TIF) proposal introduced to City Council today by Mayor Rahm Emanuel.

The $28.8 million lodging facility being planned by Smart Hotels/Olympia Chicago would rise at 5253 S. Harper Ave. With 84,000 square feet, the hotel would include a pool, fitness center, café, meeting spaces, a business center and 50 below-grade parking spaces.

“Hyde Park has many wonderful assets but one thing it has lacked in recent years is a first-rate hotel,” Emanuel said. “This project provides the type of overnight lodging that the community needs.”

The hotel would be part of the 1.1 million-square-foot Harper Court mixed-use complex under construction at 53rd Street and Lake Park Avenue.

Twenty one permanent and approximately 200 temporary jobs would result from the hotel’s construction. It is projected to generate $350,000 in annual hotel, sales and parking taxes upon completion.

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