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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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'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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Michael Reese development gets Chicago Plan Commission OK

Skidmore, Owings & Merrill
A plan for a multidecade, $3.8 billion redevelopment of the former Michael Reese Hospital site won a key city approval Thursday amid praise for its economic impact and its respect for the surrounding community.
The approval by the Chicago Plan Commission bolsters hopes that construction on a first phase can start in a few months. But the overall project remains susceptible to changes in the market and specific buildings will require future public reviews.
In all, the zoning classification recommended for the South Side site near the lakefront allows for 7.8 million square feet in a mix of uses. It calls for 4,800 residential units, with the investor team led by Farpoint Development committing to setting aside 20% of them at reduced rents for people with moderate incomes. ....

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