Plan Commission approves $3.8 billion redevelopment plan for Michael Reese Hospital site

0
290

The Chicago Plan Commission has approved a master planned development zoning application for the redevelopment of the former Michael Reese Hospital site in Bronzeville.

The plan was filed by a team of local developers known as global research innovation & tourism (GRIT) which includes Farpoint Development, Loop Capital Management, McLaurin Development Partners, Draper & Kramer, Chicago Neighborhood Initiatives and Bronzeville Community Development Partnership.

The $3.8 billion proposal would redevelop the former Michael Reese Hospital site at 29th St. and Ellis Ave. into more than 7 million sq. ft. of commercial, institutional, and mixed-income housing, and create more than 48,000 permanent and temporary jobs.

The $600-million first phase would revitalize the southern end of the property with a Chicago Arc Innovation Building anchored by Israel’s Sheba Medical Center; a Bronzeville welcome center; senior housing; and a new park at 31st St. The Singer Pavilion, the only remaining building from the Reese complex, would be repurposed in part to showcase the history of the hospital.

The $3-billion second phase would revitalize the northern end of the site with medical facilities, retail space, offices, residential buildings, a data center and open spaces.

The plan will now go before the zoning committee for consideration. Terms of the proposed land sale will be considered separately by City Council.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.