Construction of the Hoxton Chicago hotel is ready to go vertical after the Chicago Department of Buildings issued a construction permit for the 12-story, 182-room hotel on Dec. 21. The construction costs covered under the permit are valued at $54.5M.

The hotel at 200 North Green, a joint venture between Hoxton parent company Ennismore and Shapack Partners, will be Hoxton's first Chicago location. Construction is expected to be completed in 2019. The site was formerly home to a meatpacker and an auto mechanic. Longtime building owners like meatpackers have been commanding top dollar for their assets as investors have swooped into the neighborhood and bought whole blocks for redevelopment.

The Hoxton Chicago will include a bar and restaurant from Boka Restaurant Group, street-level retail, two floors of offices, a rooftop deck and 42 indoor parking spaces. It is one of three hotel projects in the pipeline or announced in Fulton Market. Sterling Bay, which completed the Ace Hotel Chicago last September, has plans for a 19-story hotel next to McDonald's West Loop headquarters. IBT Group's redevelopment of 1200 West Fulton includes a 60-room boutique hotel.

The other project, the Nobu Hotel Chicago, has fallen on hard times. Construction of the Nobu Chicago halted in November as owners scrambled to land $52M in construction financing. Last month one of the partners in the project, M Development, agreed to sell its stake in the Nobu Chicago to RCD Resorts for $20M.