Civic Health Development Group (CHDG) has been selected to redevelop Old County Hospital in Chicago, Illinois with a private redevelopment and land lease agreement to be presented to the Cook County Board of Commissioners on April 13. Cook County Board President Toni Preckwinkle's office unveiled the $550-$700 million development plan for the vacant and historic building, with a design to restore the old hospital's historic Beaux Arts façade as part of the project. The redevelopment will transform the former hospital into an office, residential and retail space, with a hotel to be built on a grassy field in front of the old hospital. After review by the Cook County Board's Commissioners and Finance Committee, the full Board may vote on the redevelopment agreement at a May 11 meeting.
Preckwinkle said that CHDG will invest $600 million and pay at least $2 million annual rent under a 99 year lease to the county, which will retain ownership of the land. Rent would go up as the years go on, and the county would have two 25-year options. Officials say the county won't have to make a capital investment or offer a subsidy to the developer. "I think that renovation of this facility will have a transformative effect on the Illinois Medical District," Preckwinkle said. The county also plans to build a new office building and clinic nearby, at a cost of about $113 million to taxpayers.
If the plans are approved, redevelopment construction would begin in 2017 and completion of the new building is anticipated in mid-2018. The project is expected to create more than 2,000 temporary and permanent jobs. CHDG is led by Real Estate Services and is comprised of a number of firms, including Plenary Group, Walsh Investors, Walsh Construction Company, Granite Development, Loop Capital, SOM, Health Management Associates and Legat Architects, according to Cook County records.
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