Harper Court is located about southeast of downtown Chicago and is bordered on the south by 53rd Street, which is the main commercial corridor of Hyde Park, and to the east by the Metra Electric District line. Developers for the project were Vermilion Development and JFJ Development, while equity was provided by Canyon-Johnson Urban Funds. At the time of its development, the University of Chicago was also involved in developing several surrounding properties on the 53rd street corridor. As a result of the collaboration between the city and the University several new businesses had opened up around the Harper Court site, including Clarke's, Harper Theater, Akira and Five Guys. The street that bisects the development was changed from two-way to one-way on May 16, 2014. In 2001, the city designated an area on and around 53rd street as a tax increment financing district due to the general underdevelopment and disrepair of properties on the corridor, making the properties eligible for tax incentives. Harper Court sits on a site that the University purchased in 2008. The structure, which has a 131-room Hyatt Place brand Hyatt hotel and a 12-storey office tower, includes of office space, of retail space and a parking structure with over 500 parking spaces. The building was partially financed by $20 million in TIF funding subsidy as well as land writedowns that bring the total financing assistance to $23.5 million. The TIF funds will not be allocated by the city until Harper Court has been declared completed. The Hyatt hotel received a separate $5.2 million subsidy from the Chicago City Council.
Hyatt Place
The Hyatt Place hotel portion, which is officially named Hyatt Place Chicago–South/University Medical Centre and has its own underground parking structure, opened on September 17, 2013. The hotel was the first built in Hyde Park in 50 years. Smart Hotels owns the Hyatt portion of the development, which is not for sale.
University of Chicago involvement
The University of Chicago invested $30 million in the land acquisition and office space buildout in addition to providing a $21.5 million loan guarantee for construction of the new Hyatt Place hotel. The structure officially opened on November 8, 2013 and the University of Chicago exercised its option to purchase the office, parking and retail components as well as the rights to develop 425 residential units in the future for $98 million five days later. The University, which put the property up for sale in March 2014, leases all of the office space to host 550 employees. The University employees that started moving into Harper Court on November 7, 2013 were from the Information Technology Services, Alumni Relations and Development, and Facilities Services departments. The University's 20-year master lease includes the retail space. The University is not selling the residential development rights. On July 25, the city of Chicago approved the sale of the current structure to CLAL Insurance Company for $112 million.
