Projected to open in the Fall of 2020, a seven-story addition to Navy Pier will be the first hotel at Chicago’s well-known landmark. The hotel will adjoin the existing Festival Hall convention center and will include 223 guest rooms, a fitness room, a business center and gift shop. Each of the guest rooms will feature a lakefront view from the south side of the pier.
The hotel guests will also have direct access to the convention center as well as a future restaurant on the lower level of the hotel and the new Rooftop Venue, Offshore Roof and Bar, located above the entrance to the existing Ballroom.
The construction of this seven-story addition has shown unique structural challenges due to the age of the pier, but the meticulous engineering and design appear to be well worth the additional time to complete the structure. AKT Peerless has remained well informed of the construction schedule and essential on-site activities since the commencement of the project. All of the aspects of the construction are routinely communicated to the Lender to keep them current on the management of the project schedule and budget.
AKT Peerless was retained by CIBC Bank as their construction monitoring representative, providing preliminary construction analysis and routine construction monitoring throughout the construction of the Navy Pier Hotel and the Rooftop Venue. AKT Peerless has reviewed monthly pay applications and assessed the level of quality control by reviewing project documents, permits, and third-party testing reports. During inspections, AKT Peerless evaluated the security of stored materials and identified any construction concerns that deviated from the plans and specifications.
AKT Peerless’ comprehensive monitoring services provides CIBC Bank: Protection from liability exposure during the initial review of the construction documents. Recommendations for budgetary contingencies to account for unforeseen conditions. Recurring updates on any potential risks or modifications to the construction design throughout the construction. Assurance that the monthly disbursements of loan funds were not premature but were consistent with the appropriate project milestones.