Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
Get Chicago News in 150 Words