Hyatt Place planned for Franklin Street

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A Hyatt Place hotel is planned for space now used as a parking lot on North Franklin Street.

OTO Development plans to build an 18-story Hyatt Place hotel with meeting space on the property, ChicagoRealEstateDaily.com reports.

The developer paid $3.7 million for the land at 28 N. Franklin.

It would be OTO’s first hotel here.

A Hyatt Place opened last year in River North and another Hyatt is in the works three blocks from the OTO site, ChicagoRealEstateDaily.com notes.

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