$300 million mixed-use project in Chicago’s medical district wins key approval

Plans call for medical offices, apartments, retail space, and parking garage

August 08, 2014 |
Rendering: Epstein

The Illinois Medical District Commission approved a 1.16 million sf, $300 million mixed-use project in Chicago’s Illinois Medical District. The decision is an important step for the IMD Gateway Center project, a scaled-up version of an earlier $162 million proposal by Higgins Development.

Gateway Center will sit on a 9.5-acre site of mostly surface parking lots. Current plans include a 10-story, 225-room hotel; a 16-story, 200-unit apartment building; a second apartment building, of 224,000 sf; 92,000 sf of retail space; an 88,000 sf medical office building; 100,000 sf of lab space; and a five-story parking garage.

Lead developer, Gateway Development Partners L.L.C., is composed of Higgins Development Partners, Thomas Samuels Enterprises, East Lake Management & Development Corp. and Isiah Real Estate L.L.C., which is headed by former NBA star Isiah Thomas.



A groundbreaking is expected to be held within a year. The developer will hold a 75-year ground lease expected to provide the IMDC with more than $1 million annually.

(http://www.cpexecutive.com/regions/midwest/illinois-medical-districts-300m-gateway-center-moves-forward/1004101228.html)

 

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