High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Chicago & Midwest  + Hospitality  | 

Massive Cook County Hospital Redevelopment Heads to Launching Pad

A partnership led by Murphy Development Group has secured $135 million in financing to begin work on converting the former Cook County Hospital campus into a mixed-use project with two Hyatt hotels, medical offices and retail. It would be the first of up to five phases of development on the 14-acre site, Murphy chairman and CEO John T. Murphy told the Chicago Tribune.

“Once we reset this old building, I think you’ll see explosive development in this area,” he said. “It will unlock billions of dollars in investments, and jobs.” The 345,000-square-foot hospital building, 550 feet in length, has been vacant since 2002.

Murphy Development’s partners in Civic Health Development Group include MB Real Estate, of which Murphy is vice chairman, and Walsh Investors and Granite Companies. Lenders include CIBC and Ares Management. Construction on phase one could begin in about two weeks.


Get Chicago News in 150 Words

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Read more at Chicago TribuneConnect With Murphy Development

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Development