Chicago & Midwest + South Side + Finance | July 6, 2021

Lightfoot Proposes $97M Sale of Former Michael Reese Site

The former Michael Reese Hospital Site in Bronzeville would be sold by the city to development consortium GRIT Chicago LLC for $96.9 million and redeveloped as a seven-million-square-foot mixed-use community through redevelopment and infrastructure agreements proposed to City Council by Mayor Lori Lightfoot. The sale of the 48-acre property would occur in phases over the next 14 years.

The former hospital site was acquired by the city in 2009 and subsequently cleared of most buildings. An RFP for its redevelopment in 2016 resulted in GRIT’s selection by the city in 2017.

GRIT’s planned Bronzeville Lakefront redevelopment project is expected to start with a $600- million first phase that includes an Arc Innovation Building; senior housing and a new park at 31st Street.

The GRIT team is comprised of Farpoint Development, Loop Capital Management, Draper & Kramer, Chicago Neighborhood Initiatives, McLaurin Development Partners, and Bronzeville Community Development Partnership.

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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