The Chicago Plan Commission approved the plan to transform the former Michael Reese Hospital site in Chicago’s Bronzeville neighborhood. A team of local developers known as GRIT—comprised of Farpoint Development, Loop Capital Management, McLaurin Development Partners, Draper & Kramer, Chicago Neighborhood Initiatives and Bronzeville Community Development Partnership—is spearheading the project.
GRIT acquired the site in June 2017 and have put forth plans for a 3.8 billion mixed-income mega-development to include a health innovation hub, retail and commercial uses, public green spaces, community spaces and a variety of market rate and affordable housing options for families and seniors. The plan will also reuse the Singer Pavilion, the only remaining Reese building on the site.
The proposed infusion of industry, retail and housing along the Bronzeville Lakefront would generate an economic impact of $8.2 billion, and an additional $2 billion in taxes, over 20 years, according to the GRIT team. The plan calls for 20 percent of the residences to be on-site affordable housing along with senior housing. The project would bring an estimated 31,000 full-time positions and an additional 45,000 direct and indirect construction jobs.
Next week the team will go before the Committee on Zoning, Landmarks and Building Standards, and finally the full Chicago City Council. If approved the first phase of the project could break ground next fall.
