DLA Piper counseled a private development team affiliated with Civic Health Development Group in the acquisition, through long-term ground leases, of the Old Cook County Hospital on Chicago’s West Side. The 99-year leases became effective December 31, 2017.
Terms of the leases bind the developers into finalizing a first phase of construction and development plans for the site, including the historic, Beaux Arts main hospital that was erected in 1916. Restoration work is to begin in the summer of 2018 with the first tenants—including a major hotel, administrative/medical offices and ground floor retail—expected to move in sometime in 2019.
The development group is led by Chicago-based developer John T. Murphy and includes Walsh Investors, Murphy Development Group, MB Real Estate, Plenary Group and Granite Companies, among other members. The team plans to invest approximately $130 million into the project. Subsequent phases of the redevelopment over the next 10 to 15 years will include a new research and technology center, the expansion of the hospital’s existing parking facilities and mixed-use high-rise towers.
DLA Piper’s Chicago-based team that advised the developers was led by partner Robert Goldman with assistance from partner Greg Dahlgren and associate Stacy Osmond.
