Page 4 - Farpoint Development News Today

Arial plant, once home to 400 workers at a time, will be converted to apartments, new owners say.

Arial plant, once home to 400 workers at a time, will be converted to apartments, new owners say.

The casino race comes down to three main bidders vying to land the casino that is expected to eventually rake in around $1 billion per year.

Skidmore Owings & Merrill We’re encouraged that the City Council has given the green light — and some greenbacks — to a $4 billion plan to turn the former Michael Reese Hospital campus into a new community that will include businesses, housing and parkland. While construction on the massive Bronzeville Lakefront project is expected to begin this year, the turnaround will take 20 years, if successful. The nearly 50-acre site is bounded by 26th Street, 31st Street, Lake Park and Vernon av...

Developers expect to break ground late this year or early next year on the massive $4 billion new development tentatively called “Bronzeville Lakefront.” It will be built upon the site of the old Michael Reese Hospital, which has sat vacant for more than a decade. Former Mayor Richard M. Daley had proposed building an Olympic village on the site when Chicago was in the running for the 2016 summer games. Thanks to unanimous approval by city council yesterday, the path is paved for a mixed-us...

UpdatedFri, Jul 23, 2021 at 9:49 am CT Replies(4) The first phase of the redevelopment plan includes the 500,00-square-foot ARC Innovation Center anchored by Israel-based Sheba Medical Center. (SOM) CHICAGO — The City Council approved the sale of the former site of Michael Reese Hospital to a developer as part of a $3.8 billion revitalization project called Bronzeville Lakefront. The 48.6-acre property was purchased by the city in 2009 for $91 million amid its unsuccessful bid for the 2016 O...

A Canadian manufacturer last week chose the Chicago region to host its first U.S. facility. Lion Electric Co. will manufacture its all-electric medium- and heavy-duty urban vehicles at a 906K SF facility under construction at 3835 Youngs Road in southwest suburban Joliet. Gov. J.B. Pritzker, along with many other state and municipal officials, joined the company’s leaders on Friday to announce the $70M project. “The new Joliet facility will put Illinois at the forefront of a national moveme...

Goosehead Insurance inks nearly 18,000-square-foot lease in Rosemont May 10, 2021 Colliers International Chicago’s Jonathon Connor and Jason Simon represented a joint venture between Farpoint Development and Greco/DeRosa Investment Group in a 17,887-square-foot lease at 6300 N. River Rd. in Rosemont, IL, to Goosehead Insurance. The Dallas based insurance company more than triples its space with the lease.  6300 N. River Rd. is a 130,000-square-foot, seven story b...

Skidmore, Owings & Merrill The city wants to sell the former Michael Reese Hospital property to developers for at least $96.9 million, but taxpayer costs for an environmental cleanup and public works needed for the multiyear project could cost almost as much. The sale, expected to be voted on Tuesday by the Community Development Commission, includes a pledge to repay developers up to $60 million to extend city streets into the 48-acre site near 31 st Street and Lake Park Avenue. A report prepar...

Courtesy of Skidmore, Owings & Merrill (SOM) SOM and TnS are working with lead developer McLaurin Development Partners and Farpoint Development. Dawveed Scully, Urban Planning Associate Director at SOM, noted that, "We envision a dynamic mix of community spaces, accessible to all local residents and connected to the surrounding neighborhoods. With flexible spaces that can be used year-round, our plan creates an ecosystem that cultivates upward mobility anchored by entrepreneurialism." Courtesy...