The Illinois Medical District Commission is finally moving forward on its development of the IMD Gateway Center.
Recently, IMDC unanimously adopted a resolution recommending Gateway Development Partners LLC as the project’s lead developer. The development team includes Higgins Development Partners, Thomas Samuels Enterprises, East Lake Management & Development Corp., as well as Isiah Real Estate, LLC.
According to Crain’s Chicago Business, those four developers plan to provide 10 percent of the capital for the Gateway Center project, and Chicago-based Harrison Street Capital LLC will provide the other 90 percent of the funds for the development.
The 1.16 million-square-foot development will sit on a 9.5 acre, currently-undeveloped site at 2020 W. Ogden Ave. on the Near West Side – the northern-most point of the medical district.
Eric Feinberg, of Savills Studley, the consultant representing IMDC on the project, says that it is great for the area, great for Chicago, and an exciting time in the medical district.
“It’s definitely huge for the medical district”, he said. “The medical district, a 500- plus acre area, home to Rush Hospital, UIC Medical Center, VA Hospital, and Cook County Hospital. For a number of years the stakeholders have done a great job internally, focusing on their businesses, and running their hospitals independently. Yet there has not been a lot in the neighborhood to support them.”
Enter the proposed 10-acre IMD Gateway Center! Plans for the $300 million, mixed-use development, include a 10-story, 225-room hotel, a 16-story, 200-unit apartment building, 224,000 square feet of multifamily housing, 92,000 square feet of retail space and 100,000 square feet of lab space.
Feinberg said that essentially the vision of the district is to create a life science ecosystem that is going to create a world class medical district.
“I think this project is going to do wonders to support the district and the 80,000 people that come to the district every day, from a hotel to retail, and dining aspect,” Feinberg said. “One of the biggest aspects, we’re hoping at least, is to encourage a sharing of ideas amongst the various stakeholders within the district.”
He added, “Another interesting thing about this area if you look at it, I-290 divides the medical district to the United Center, and some of the other areas on the West Side. We really think that bringing this retail, added parking and restaurants, in addition to the CTA renovating the Blue Line stop, is going to connect the area. We feel that Malcolm X College will take advantage of this area as well, and overall that it is going to be a great stimulus for development on the West Side.”
With the massive project, there is no doubt that a surplus of jobs will be available.
“There has not been an estimate for the amount of jobs yet,” Feinberg said. “That will come out once furthur plans for construction are underway.”
Construction of the Gateway Center is slated to begin spring 2015, after the due diligence, planning and approval periods.
“The developer and their consultants are entering the due diligence phase for the site,” he said. “They will make sure there are no environmental issues, and no big problems with getting what they need to the site. Once those studies are finished, then they will begin creating an architectural and engineering plan. We’re expecting the majority of the buildings to be built within the next five years.”