$6B Michael Reese Redevelopment Plan Takes Shape
A team led by Farpoint Development intends to show its $6-billion plan for redeveloping the former Michael Reese Hospital site in Bronzeville to the Chicago City Council later this month, Crain’s Chicago Business reported.
The team presented details of its 15-million-square-foot Bronzeville Lakefront plan at an online town hall meeting hosted by Ald. Sophia King Monday evening. Next steps would include filing for a “planned development” zoning designation.
Bronzeville Lakefront’s first phase would include one million square feet of new buildings and a park along 31st Street, near a proposed new Metra station. In March, Sheba Medical Center of Tel Aviv signed on to anchor a health and wellness innovation hub in Phase I.
The second phase would begin in 2028, and would entail 5.5 million square feet of buildings, including apartment towers.
Full project buildout has been estimated to take 20 years. Financing hasn’t been nailed down, Crain’s reported.
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