The ARC Innovation Center plans to open in the first building on the former site of the Michael Reese Hospital, part of a 15-million-square-foot development that could cost as much as $7 billion. Developers – led by Chicago-based Farpoint Development, aim to build a health-science cluster that would include new biomedical technologies—and create thousands of jobs—partnering with local universities, companies and entrepreneurs.
The project will include apartments, a community center and retail and office spaces.
But the Bronzeville development will require a massive investment, including public dollars. It is estimated that the infrastructure alone—roads, sewers and other government-owned structures—for the first phase of the project will cost $177 million.
The first wave of buildings will also include senior housing, a community center and retail space, Goodman said. The development venture and ARC have signed a memorandum of understanding, but have yet to negotiate a final deal.