After years spent searching for a developer, complicated when IRS-related issues surfaced for a potential candidate, the Illinois Medical District Commission is finally moving ahead with a $300 million, 1.16 million-square-foot development near Damen and Ogden avenues, according to Crain's. Initially, tax issues faced by the IMDC's first choice developer, Jack Higgins, forced the commission to reset their search for a partner, but they've since decided to move ahead with IMD Gateway Partners, a group that includes Higgins, Thomas Samuels Enterprises, East Lake Management & Development and Isiah Real Estate, led by former Pistons star Isiah Thomas. Construction is now poised to begin this spring or summer on the 9.5-acre project designed by Epstein.
The complex will be subdivided into 11 parcels, including a 10-story hotel, parking garages, retail, apartments, a health club and, as Curbed previously reported, urban greenhouses. The lease specifies certain pre-approved hotels, such as a Hilton Garden Inn or Marriott Courtyard, and lists Lettuce Entertain You as an allotted retailer. With Malcolm X College construction continuing through the year, this complex on the opposite end of the expressway will keep crews busy in this section of the West Side.
·Medical District development clears key hurdle [Crain's]
·Illinois Medical District Approves $300M Gateway Project [Curbed Chicago]
·Previous Illinois Medical District coverage [Curbed Chicago]