GRIT Chicago LLC, the development team selected by the city of Chicago to turn the former Michael Reese Hospital site in Bronzeville into a 49-acre mixed-use campus over the next two decades, won a key approval Thursday as the Chicago Plan Commission approved the team’s proposal.
The $3.8-billion proposal from the group led by Farpoint Development now heads to the City Council's zoning committee for consideration and will require approval from the full City Council, which could come as soon as next week.
Crain’s Chicago Business reported that those signoffs would help clear the way for a project that could eventually redraw a high-profile swath of the Near South Side lakefront.
GRIT’s Bronzeville Lakefront mixed-use redevelopment plan, which also includes the adjacent Prairie Shores apartments, is expected to move forward with special zoning known as a Master Plan Development. The zoning designation would enable construction of a phased, mixed-income community.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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