McCaffery, Hines Land Foreign Capital For Children's Memorial Development
Demolition of the former Children's Memorial Hospital site could begin as early as March after the JV of McCaffery Interests and Hines Interests announced it closed on the Lincoln Park property, thanks to some foreign financing.
A sovereign wealth fund based in Abu Dhabi invested in the $50M project, according to Crain's. The McCaffery-Hines JV plans to build 540 luxury apartments, 60 condos and 160k SF of retail along Lincoln Avenue. The Children's Memorial site has been vacant since the hospital moved to Lurie Children's Hospital downtown two years ago. Hines joined the project last June.
Demolition will take about eight months, with construction to begin in Q1 2017 and the first tenants moving in by 2018. [Crain's]