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Medical District Apartments Come to Market
A nonprofit group that developed Medical Center Apartments in the 1960s has hired CBRE to market the 306-unit Near West Side property, Crain’s Chicago Business reported. CBRE is pitching the 18-story building as a redevelopment opportunity.
“We just think there’s so much that an investor can do to upgrade the property,” CBRE EVP John Jaeger told Crain’s. He expects the building to garner about $100,000 per unit, or roughly $31 million, for the nonprofit Chicago Dwellings Association.
The firm sees the resurgence of the Illinois Medical District as a draw for potential investors. Murphy Development Group is working on a $1-billion redevelopment of the old Cook County Hospital campus nearby, and a group led by Higgins Development Partners is planning a 1.2-million-square-foot mixed-use project known as the Gateway.
Both projects are part of a broader push by the Illinois Medical District Commission to attract development to the 560-acre district, Crain’s reported.
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