More redevelopment is coming to the Illinois Medical District. Cook County Board president Toni Preckwinkle is set to announce a massive redevelopment plan for the vacant Cook County Hospital that will include offices, two hotels, apartments and tech/research facilities.
The project to transform 16 acres of county-owned property will be privately funded and rolled out in four phases over a 15-year span, according to the Chicago Tribune. The first phase: stabilizing and rehabbing the old county hospital building, which has sat empty since operations moved to Stroger Hospital next door in 2003.
The Illinois Medical District, the nation's largest, has seen a rise in activity in recent years. Developer Jack Higgins signed a 75-year ground lease last March with the Illinois Medical District Commission to develop 9.5 acres at 2020 W Ogden Ave into IMD Gateway, a mixed-use development that will feature retail, apartments and a 10-story, 225-room hotel. With its proximity to the South Loop, West Loop, Pilsen and Near West Side, the Medical District is ideally situated for speculation and development. [Trib]
