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$3.8 Billion Redevelopment Approved For Former Michael Reese Site

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 Olympic Games. Since then, it has been floated as a potential site for a Chicago casino or Amazon headquarters.
Under the deal given the greenlight Wednesday, the city will sell the land to a developer in multiple phases over the next 14 years for a total of nearly $97 million. ....

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Progress on Michael Reese Hospital redevelopment and Obama Presidential Center

Progress on Michael Reese Hospital redevelopment and Obama Presidential Center
rejournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rejournals.com Daily Mail and Mail on Sunday newspapers.

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'Mega-development' for the South Side: City Council green-lights Michael Reese redevelopment

'Mega-development' for the South Side: City Council green-lights Michael Reese redevelopment
fox32chicago.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fox32chicago.com Daily Mail and Mail on Sunday newspapers.

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Chicago approves $4 billion Bronzeville Lakefront development

Chicago approves $4 billion Bronzeville Lakefront development
therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.

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City selling Michael Reese land to developers for $96.9 million

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 prepared for the commission said the city will seek federal infrastructure money to help pay for the work.
Another outlay is needed to remove hazardous waste left by a radium processing plant that was on the northern end of the property more than 100 years ago. City planners have estimated that the work will cost $31 million, much of it from a tax-increment financing district for the Bronzeville area. ....

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